Lucid Motors (NASDAQ: LCID) has been finding itself in the news a lot of late. For the most part, this has been happening due to a seemingly ceaseless string of adverse developments and setbacks affecting the electric vehicle (EV) maker.
These include hitting new all-time lows in the stock market, getting kicked off of the Nasdaq 100 index, losing the CFO, and being in danger of being forced to make a massive recall due to faulty technology in some models.
On the other hand, not all has been bad news as, for example, following a string of interesting partnerships – not the least of which being an agreement with premium Saudi Arabian aluminum producer – Lucid Motors stock kickstarted the EV industry’s February rally.
Picks for you
Still, while certain firms in the sector have continued riding the uptrend, at least to an extent, LCID shares are again finding themselves in the red in recent trading.
With the positive, the negative, the interesting, and the worrying developments in mind, Finbold decided to request that the most advanced model of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT – set its price target for Lucid stock for the end of 2024.
ChatGPT-4 makes a December 2024 forecast for Lucid stock
At the very start of its analysis, ChatGPT acknowledged the numerous challenges Lucid has been struggling with of late, as well as the broader market conditions and they way that have previously and still can have an adverse effect on the EV industry.
Still, the advanced AI also explained that the entire sector remains highly promising long-term and that LCID has potential in 2024 both in terms of advancements that haven’t been announced but are possible and new and announced vehicle models such as the Gravity SUV – scheduled for release in late 2024.
Generally, ChatGPT-4 proved somewhat optimistic when it comes to Lucid stock’s year-end prospects and set the target price range between $3.50 and $5. OpenAI’s advanced model remained optimistic when asked for a specific target, albeit it highlighted the need for caution and settled for $4.25.
ChatGPT also explained that a bull case can be made for Lucid as it isn’t impossible for the firm to come up with some important new technology or manage to scale up production significantly in 2024. Should these factors combine with greater demand for LCID vehicles – such as the Gravity SUV – the AI believes Lucid shares might stand as high as $8 on December 31.
On the other side, ChatGPT also stated that it is possible the existing challenges Lucid is facing will not persist but also become worse, especially should the EV maker’s competitors – like Elon Musk’s Tesla (NASDAQ: TSLA) – raise pressure with their own advancements. Under such circumstances, the AI believes, LCID shares might drop as low as $2 before the year is out.
Lucid stock price chart
While the future might hold a significant rise for Lucid stock, its past has mostly been marked by a decline. In fact, LCID shares are as much as 68.66% in the red since the company’s initial public offering (IPO).
This year has also primarily featured a significant price drop for the stock – though the late January and early February rally has also meant that LCID has been trading with significant volatility. All-in-all, Lucid shares are down 25.30% year-to-date (YTD).
The more recent trading has similarly been negative for Lucid price-wise. In the last 30 days, LCID stock fell 11.93%, and the EV maker also closed the latest full day – Friday, March 8 – 0.64% in the red at $3.10.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
