We asked Google Bard what will be Tesla, Rivian, Lucid end of 2023 stock prices

Tesla (NASDAQ: TSLA), the renowned electric vehicle (EV) manufacturer, has captivated investors and onlookers alike with its remarkable rebound in the stock market this year. The company, led by entrepreneur Elon Musk, has witnessed a surge in its stock value, delivering significant returns to shareholders. 

However, amidst Tesla’s resounding success, the EV market is experiencing an upswing of competition from emerging startups based in both the United States and China. Two startups that have particularly been of interest to investors and market watchers lately are California-based Lucid Motors (NASDAQ: LCID) and Rivian (NASDAQ: RIVN).

In view of this, Finbold prompted Google Bard, an impressive artificial intelligence (AI) chatbot developed and launched by Google owner Alphabet earlier this year, to offer a prediction on the stock prices these companies may have at the end of 2023.

Tesla (NASDAQ: TSLA)

Bard was notably bullish in its Tesla predictions, saying it expects the stock of the world’s biggest EV company to end the year at $300 per share, implying a possible upside of more than 16% from the current price level. 

The AI tool said its forecast was “based on the company’s continued dominance in the electric vehicle market, as well as its plans to expand into new markets such as solar and energy storage.”

“Tesla has a strong financial performance, with positive cash flow and a strong balance sheet. The company is also growing rapidly, with revenue and earnings expected to increase by double digits in 2023.”

– it added.

The EV giant has witnessed an outstanding share price rebound in 2023, rising more than 46% in the past month and over 118% year-to-date. The price recovery was fueled by a mix of factors, including landmark deals with GM (NYSE: GM) and Ford (NYSE: F), improved production guidance for Cybertruck, and more of its vehicles qualifying for federal tax credits.

Tesla stock price analysis

At the time of writing, Tesla shares were trading at $258.71, up 3.5% in the past 24 hours. Over the past month, TSLA gained nearly 47%, and more than 118% since the start of 2023.

Lucid Motors (NASDAQ: LCID)

For Lucid, a much smaller EV maker in terms of market cap, Bard said it believes the stock “is undervalued at its current price.” 

In a positive environment, the automaker could see its share price “could reach $10-$12 per share by the end of 2023,” 52%-83% higher than its last closing price. However, the company also faces numerous headwinds and rising competition, which could drive its price down to $6-$8 per share, the AI bot said. 

Last week, reports said Lucid was preparing to foray into China, the world’s biggest car market, where it will sell imported cars while also considering launching local production. 

Lucid stock price analysis

At press time, Lucid was standing at $6.55, up 4.47% on the day. The company hasn’t seen an impressive performance recently, slipping 7.6% on the month.

Year-to-date, Lucid’s shares are 6% in the red.

Rivian (NASDAQ: RIVN) 

Rivian, a promising EV startup that had one of the most successful initial public offerings (IPOs) in recent years, has struggled significantly this year, grappling with heavy supply chain constraints and recalls. 

However, despite its 2023 woes, Bard was bullish on Irvine, California-based carmaker’s stock. Specifically, the chatbot thinks RIVN could hit $20-$25 per share by the end of 2023, indicating a potential upside of 31%-63% from its latest stock price.

Bard’s prediction was based on several key factors, such as an expected production ramp-up in 2023, easing supply chain hindrances, and a strong customer base.

At the same time, “further production delays or supply chain disruptions” could push the stock below the $15 mark, Bard added. 

For comparison, Wall Street analysts’ 12-month prediction for Rivian stood at $24.35 in May, which is around 60% higher than the current price. 

Rivian stock price analysis

Rivian shares closed at $15.25 on Tuesday, June 13, spiking almost 9% in the past 24 hours. 

Over the past month, the stock rose more than 10.5%, although it remains down nearly 20% year-to-date.

Conclusion

In summary, the electric vehicle (EV) industry is experiencing an exhilarating surge, offering investors an array of exciting opportunities. With Tesla leading the charge and promising startups like Rivian, Lucid, and Nio (NYSE: NIO) fighting for their market share, this rapidly expanding and highly competitive market holds significant potential for those seeking to capitalize on the future of sustainable transportation.

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