Lucid Motors’ share price has entered correction territory this week. Yet, investors remain optimistic while awaiting news as the luxury car manufacturer is set to begin its deliveries this month, potentially sending the price into a bullish rally.
One week ago, we discussed Lucid’s ambitious plans to challenge Tesla. Since then, the price has decreased by about $2.4, so the question is whether Lucid was the target of investors’ overenthusiasm or this is an excellent opportunity to buy the dip.
Let’s see where you can buy or short-sell Lucid, and why you may want to.
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What Is Lucid Group?
Lucid Group manufactures electric vehicles (EVs). Its ambitious goal is to challenge Tesla’s leadership in this market, followed by the aim of decreasing the cost of electric vehicles in the future, making them more affordable to all consumers.
Should I Buy Lucid Group Today?
When we discussed Lucid Group last week, the company freshly went public with the aim of accelerating its growth. We’ve also mentioned its ambitious plans to challenge Tesla and start the rollout of its electric vehicles in late October.
Despite the bearish price action and correction for the fifth consecutive day, the stock price remains at the support level above the 2-week low of $23.5. As of this writing, the price is set at $24.02, correcting after the bullish price action mentioned last week.
Lucid’s CEO, Peter Rawlinson, held a speech for analysts, investors, and the media at Lucid’s Casa Grande factory last Wednesday, which was on a positive note. The CEO stated that the company has enough liquidity to fund its production until the end of next year.
With the first deliveries due soon, Lucid Group’s share price remains at the whim of retail traders. If it lives up to its promises, the company is set to go head to head with Tesla.
Lucid Group Price Prediction 2021
Lucid Group is expected to reach $27 soon, and up to $30 in the next year.