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Sorry, LCID Stock Investors. Don't Expect Much From Lucid. - Stock Market Latest

Source: Tada Images / Shutterstock

Hope springs eternal, but it might be misapplied with electric vehicle manufacturer Lucid Group (NASDAQ:LCID). Sure, there was a quick rally in LCID stock recently, and the automaker appears to be wheeling and dealing in Saudi Arabia. This isn’t the right time to consider an investment in Lucid, however, as the company still has major issues.

Lucid Group isn’t in danger of going bankrupt tomorrow or next week, so the company’s shares get a “D” rating, not an “F.” There might actually be a good time to consider an investment in Lucid in the future.

For the time being, though, caution is definitely advised. Lucid Group has yet to prove itself as a strong competitor in the EV space, domestically and abroad.

What’s Happening With LCID Stock?

For what it’s worth, LCID stock caught a bid as March entered its second half. Lucid Group’s investors booked a quick 13% gain as the shares rallied from $7.30 to $8.30.

Yet, the context is of utmost importance here. Lucid Group did nothing that should alter anyone’s investment thesis. The company opened a new retail location in California, but it’s too soon to determine how this will affect Lucid’s upcoming sales figures.

There were also takeover rumors, but those have faded by now and there’s no concrete evidence that Lucid Group is about to get bought out. Most likely, LCID stock’s pop can be attributed to a broad-market rally as the Federal Reserve signaled that an end to interest rate hikes may be near.

Saudi Venture Offers Hope, but Not Much of It

Domestically, Lucid Group isn’t known as a powerful competitor against the slew of American EV manufacturers. It’s just a bad time to sell expensive, luxury-focused vehicles. High inflation means consumers may choose economy over luxury.

Consider this: During the fourth quarter of 2022, Lucid Group only produced 3,493 vehicles at its Arizona manufacturing facility. The automaker only delivered 1,932 EVs during that time.

Maybe Lucid Group can generate most of its sales abroad, and particularly in Saudi Arabia. Reportedly, Saudi Arabia’s government has committed to purchase 100,000 Lucid vehicles over 10 years. Lucid has apparently commenced deliveries of its Air model EVs in Saudi Arabia.

Now, it’s time to ask yourself some crucial questions. Are you willing to bet your hard-earned capital that Lucid Group will be a power player in Saudi Arabia? Have you taken the time to research that country’s culture, economy and EV market prospects? Be sure to conduct your due diligence before concluding that Lucid will be the “next big thing” amid an ultra-competitive clean-energy vehicle market.

What You Can Do Now

Lucid Group isn’t profitable, and the company hasn’t delivered or sold many vehicles in the U.S. It’s a gamble to assume that Lucid will succeed in Saudi Arabia, though anything’s possible.

The hard facts don’t justify an optimistic call on LCID stock. So, unless some eye-opening data points hit the headlines, it makes sense to choose not to invest in Lucid Group now.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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