Shares of luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) rallied 22.9% this week through Thursday trading at 2:20 p.m. ET, according to data from S&P Global Market Intelligence.

Although the electric vehicle maker reported earnings earlier in August, the company's CEO made news at the Monterey Car Week this week, with a bullish outlook for the upcoming Gravity SUV, as well as Lucid's technology versus peers -- especially the elephant in the room, Tesla.

At Monterey Car Week, Lucid displayed its new SUV called the Lucid Gravity, which could be a game changer for the company. In an interview during the event, Lucid CEO Peter Rawlinson noted that the market for the Gravity is 6 times that of the Lucid Air, which is the company's central sedan product first unveiled in 2021. "Gravity is going to come in, and our finances are dominated by scale. It's all scale, scale, scale. And this is a big step in that scale."

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Source Fool.com