Algorithm Predicts +670% Surge in Lucid Stock (NASDAQ:LCID) Price by 2024

Key takeaways:

• According to Lucid CEO, the price cuts on Air sedans have been a success, and the company is planning to unveil the Gravity SUV later this year
• The Lucid stock price algorithm forecasts a rally in the price of LCID in the coming months, with the share price potentially increasing by over +670%
• Lucid Group, Inc. (NASDAQ:LCID) stock price lost -3.04% on Tuesday and is now nearly breakeven for the year

Lucid CEO says EV price cuts were a success, Gravity SUV reveal set for November

After gaining over +100% in the first two months of 2023, Lucid Group, Inc. (NASDAQ:LCID) stock price has been on a downward trajectory, plummeting from a yearly high of $12.87 in February to below the $7 mark in August. Yesterday, the LCID stock price lost an additional -3.04% and ended trading at $6.07, its lowest level since June.

However, the company’s fortunes might be turning around in the near future. According to Lucid CEO and former Tesla Chief Engineer Peter Rawlinson, the price cuts on the company’s Air line of electric sedans were well received. “I’m delighted to say we’re back to our original pricing structure, and that’s been so well received by customers [and] the market alike,” Rawlinson told Yahoo News at this year’s Monterey Car Week. The CEO did not provide specific sales numbers but did say that the price cuts led to an increase in sales.

Lucid’s Gravity SUV will go into production in 2024 and is expected to cost around $100,000. Image source: Lucid

In addition to the boost in sales, the company revealed a teaser of its Gravity SUV at the event. The new EV will start at roughly $100,000 and will go into production in 2024. More information about the upcoming EV will become available in November at the official unveiling.

The algorithm sets a bullish LCID stock forecast for 2024

The increase in sales and the upcoming electric SUV could help Lucid renew investor interest in the LCID stock. Remember that Lucid was trading as high as $63.86 per share in February 2021 before losing around 90% of its value.

According to the CoinCodex Lucid stock forecast algorithm, the LCID stock could be revisiting its previous price highs in the coming months. LCID is expected to rally by over +220% in the next 3 months, coming close to breaking $20 by October. The stock could surpass $64 in Q1 2023. After the massive price spike in Q4 2023 and Q1 2024, LCID is forecasted to retrace to the sub-$50 level and ultimately change hands at $47.29 in 12 months. This would be a +679% increase compared to current price levels.

Lucid stock price is forecasted to surpass $47 in the next year.

The bullish prediction for Lucid mirrors the algorithm’s positive outlook for Nio Inc. (NYSE:NIO), another EV manufacturer that has seen a price peak in 2021, and a subsequent drop in stock value in 2022 and 2023.

The bottom line: 2024 will likely be a “make-or-break” year for Lucid

Lucid Motors posted worrying financial results in the second quarter of 2023. The company saw $150.9 million in revenue and a net loss of $764 million – coupled with 1,404 vehicles sold in the period, that’s roughly a $500,000 loss per vehicle in the quarter. However, with the boost in sales due to price cuts and an electric SUV that could eat into Ford’s F150 Lighting and Tesla X model’s market shares, Lucid could come out on top in 2024. If the sales don’t increase in the coming months and the Gravity SUV doesn’t find enough buyers, then Lucid could lose out on the battle for the growing (and highly competitive) EV market.

Cover image source: Lucid Motors’ Media Room