Lucid Motors, a premium electric vehicle (EV) manufacturer listed on NASDAQ under the symbol LCID, has experienced a disappointing performance in terms of stock price in 2024. Despite a recent market rally, Lucid Motors has struggled to compete with industry giants like Tesla, resulting in a decline of over 35% in LCID stock price this year. Currently, the stock is trading at $2.68, well below its yearly high of $4.15.
As Lucid Motors faces challenges in the market, there is speculation that it may follow the path of meme stocks like GameStop. With a short interest of 28.31% as of June 13, there is a potential short-term trading opportunity for speculators. The possibility of a short squeeze impacting the stock has led to predictions from OpenAI’s ChatGPT-4o on the potential future performance of Lucid Group stock.
ChatGPT-4o suggests that if Lucid becomes a meme stock, its price could increase significantly, possibly reaching $26.40 or even $52.80. In contrast, Wall Street analysts at TipRanks have offered a more conservative 12-month price target for Lucid at $3.16, with a high forecast of $4 and a low estimate of $2.90.
Despite its current struggles, Lucid Motors has the potential for growth as interest in EVs increases. The company’s strong product proposition, particularly the energy-efficient Lucid Air model, and tech-sharing partnerships with companies like Aston Martin, indicate a promising future. Additionally, Lucid’s partnership with Saudi Arabia, where it is assembling cars and has the potential to deliver up to 100,000 vehicles, shows potential for growth in the EV market.
