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Prediction: 1 Stock That Will Be Worth More Than Lucid 2 Years From Now
Polestar could have a brighter future than the struggling EV underdog.
Lucid Group (NASDAQ: LCID) became a hot stock after it went public by merging with a special purpose acquisition company (SPAC) in July 2021. The producer of luxury electric vehicles (EVs) started trading at $25.24 on its first day, and its shares more than doubled to a record high of $55.52 just four months later.
Lucid impressed investors because it was led by Tesla's former chief engineer Peter Rawlinson, and it was already ramping up its production of its first Air sedans.
At its peak, Lucid's market cap hit $91.4 billion -- or 150 times the $608 million in revenue it would generate in 2022. At the time, Lucid claimed it could deliver 20,000 vehicles in 2022, 49,000 vehicles in 2023, and 90,000 vehicles in 2024. Unfortunately, Lucid only delivered 4,369 vehicles in 2022, 6,001 vehicles in 2023, and 10,241 vehicles in 2024.
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