2023 has been a gangbusters year for Lucid Group (NASDAQ: LCID). Shares in the luxury-focused electric automaker have soared 95% this year amid improving industry sentiment and speculation that Saudi Arabia's Public Investment Fund (PIF) could take it private. Let's discuss whether now is the time for investors to bet on the company or sit on the sidelines.
Founded in 2007, Lucid hit public markets through a reverse merger with a special-purpose acquisition company (SPAC) in 2021. Like its biggest rival, Tesla, the company focuses on electric vehicle manufacturing and energy storage. But it differentiates itself by focusing on the luxury side of the market with flagship sedans such as the Lucid Air Touring and Air Grand Touring, which start at $107,400 and $138,000, respectively.
To put those price tags in perspective, Tesla's Model Y starts at $53,490, while its higher-end Model S starts at $94,990, according to its website.
Source Fool.com