Lucid Group Share Forecast October 2021 – Time to Buy LCID?

Shares of the American EV manufacturer Lucid Group (NASDAQ: LCID), headquartered in California, US are in the green today, after closing at $35.48 on October 28th (19:59 EDT). Lucid Group has come on leaps and bounds; yesterday, the electric car share surged again, this time by 31%. As the electric car start-up, Lucid Group draws closer to deploying its initial vehicles anticipation is increasing among the investors.

Lucid Group – Technical Analysis

Going by the financial statement of Lucid Group, the market cap of the company is at $57.429 billion with total assets worth $2.072 billion. With an enterprise value of $58.63 billion, the next earnings report of the company is expected to be released on November 15th, 2021.

Oscillators for LCID such as Relative Strength Index (14)(79.90), Stochastic %K (14, 3, 3)(72.56), Commodity Channel Index (20)(434.25), Average Directional Index (14)(22.40) are indicating the neutral state. On the other hand, moving averages including Exponential Moving Average (10)(27.20), Simple Moving Average (10)(26.27), Exponential Moving Average (20)(25.73), Simple Moving Average (20)(24.99), with 10 other similar indicators are pointing towards a buying action.

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Recent Developments

Even though LCID is a rather carefully monitored share, investors may have overlooked the company’s aspirations for Saudi Arabia. The Saudi Arabian Standards and Metrology Authority authorised Lucid’s proposal to start manufacturing electric vehicles in the country by 2024, according to Al Arabiya, an Arabic local television programme.

Speculation among investors is that they are the earliest Lucid Air Dream Edition luxury automobiles to be supplied. Lucid Group confirmed the commencement of large scale production at its Casa Grande production facilities in September and revealed it will begin shipments of the Lucid Air Dream Edition in October, during its much-anticipated production preview week.

Significantly, Lucid also stated that it will begin production of 520 Dream Edition vehicles, the company’s most costly model to date with a base price of $169,000, before moving on to all three of its other Air versions, dubbed Pure, Touring, and Grand Touring.

CEO Peter Rawlinson recently disclosed at a meeting in Riyadh that Saudi Arabia is Lucid’s second-largest territory in regards to pre-orders. He optimisms to offer the Lucid Air Pure model for as little as $70,000 each car, compared to the company’s Dream Edition, which costs $169,000 per car. Range and Performance are the two models available in the Dream Edition. On a typical single charge, the Range versions can go 520 kilometres. The Tesla Model S Plaid’s range is just 396 miles, which is a huge improvement.

Should You Buy Lucid Shares?

Lucid’s Dream Edition was formally authorised by the US Environmental Protection Agency with a range rating of 520 miles, giving it the world’s longest-range EV yet. Lucid already has a large foreign market primed for entry, with Saudi Arabia aiming for 30 per cent of all automobiles in the capital to be electric by 2030. Rawlinson’s emphasis on performance, especially for lower-priced cars, might go a long way toward enabling Lucid to gain a larger piece of a market that will be saturated with EVs in the coming decades.

Shareholders are even more optimistic about Lucid’s potential in the Tesla-dominated premium electric car industry now that the business appears to be on the approach of launching its first premium automobiles. Lucid’s share currently has a lot of expected growth factored in, but if the business can expand into a significant Tesla competitor, the share might have even more enticing potential. The electric car market potentially has decades of expansion ahead of it, and Lucid’s technology appears to have the potential to make a difference.

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