NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID) announced the release of its 2024 Lucid Air Grand Touring model, claiming it retains the title for the longest-range electric vehicle (EV) available in the U.S. market, with an EPA-estimated range of 516 miles. The new model incorporates a heat pump from the Air Sapphire, aimed at maintaining high performance in cold conditions.
The company's CEO and CTO, Peter Rawlinson, highlighted the vehicle's ability to deliver its range estimate even under the recently toughened EPA testing procedures. The 2024 Lucid Air Grand Touring also boasts faster direct current (DC) charging capabilities, approximately 15-30% quicker than previous models, due to improved automatic preconditioning on the way to charging stations.
Starting at $109,900, the Grand Touring model is part of the broader 2024 Lucid Air range, which includes the entry-level Air Pure with up to 419 miles of EPA-estimated range starting at $69,900, and the Air Touring, offering up to 411 miles of range from $77,900. The high-performance Air Sapphire, described as the most powerful four-door car in the world, achieves a 427-mile EPA-estimated range.
Lucid's first vehicle, the Air, is a luxury sedan with a California-inspired design and is currently being delivered to customers in various regions including the U.S., Canada, Europe, and the Middle East. The vehicles are assembled at Lucid's factories in Casa Grande, Arizona, and King Abdullah Economic City, Saudi Arabia.
The information for this article is based on a press release statement from Lucid Group.
InvestingPro Insights
In light of Lucid Group's recent announcement about their 2024 Lucid Air Grand Touring model, investors and automotive enthusiasts are closely monitoring the company's financial health and market performance. According to InvestingPro data, Lucid Group holds a market capitalization of $5.54 billion USD, which is significant for a company that is relatively new to the electric vehicle market. However, the data also reveals challenges, such as a negative price-to-earnings (P/E) ratio of -1.77, and an adjusted P/E ratio for the last twelve months as of Q4 2023 standing at -1.97, indicating that the company is not currently profitable.
Despite these financial metrics, there are positive signs in the company's strategic position. An InvestingPro Tip points out that Lucid holds more cash than debt on its balance sheet, which is a strong indicator of financial stability. This could be crucial in sustaining operations and funding future growth. Moreover, analysts have revised their earnings upwards for the upcoming period, suggesting optimism about Lucid's potential to increase sales and possibly improve its financial standing in the near term.
InvestingPro also highlights Lucid's stock volatility and weak gross profit margins, which are important considerations for potential investors. The company's stock has been trading near its 52-week low, and with a price of $2.4 USD at the previous close, some may view this as a potential buying opportunity, especially in light of the anticipated sales growth in the current year.
For those interested in a deeper analysis, InvestingPro offers additional insights and metrics on Lucid Group. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 14 more InvestingPro Tips available, including details on valuation multiples and liquidity, investors can make more informed decisions regarding their interest in LCID. Visit https://www.investing.com/pro/LCID for more information.
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