The electric vehicle (EV) market is forecast to climb at a compound annual growth rate (CAGR) of 18.2% from 2021 through 2030, up to an astonishing $824 billion. By 2040, EVs are projected to represent two-thirds of car sales globally, equal to 66 million units, indicating a dramatic increase from the 3 million units sold in 2020. Those growth forecasts are mind-boggling, but investors will still need to successfully distinguish between the secular winners and losers moving forward.

Lucid Group (NASDAQ: LCID) is a budding pure-play electric car maker tapping into the luxury EV market. The company currently has four car models, with its cheapest edition, the Lucid Air Pure, carrying a price tag of $87,400. Its most expensive vehicle, the Lucid Air Dream Edition, costs $169,000 to purchase. On Aug. 3, the young EV company posted a second-quarter earnings report that didn't exactly please investors.

But with its stock down 55% since the start of 2022, is now a good moment to place a long-term bet on the company? 

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Source Fool.com