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Analyst Predicts Lucid Group Stock Surge to $70 Despite EV Price Challenges

Lucid Group's stock expected to triple despite lack of affordable models. Analyst sees potential in strategic partnerships and advanced technology.

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In this image we can see motor vehicles on the roads, buildings, trees, electric poles, electric...
In this image we can see motor vehicles on the roads, buildings, trees, electric poles, electric cables, railings and sky.

Analyst Predicts Lucid Group Stock Surge to $70 Despite EV Price Challenges

Analyst Mickey Legg predicts a surge in U.S. electric vehicle (EV) sales in 2025 and 2026, with Lucid Group at the forefront despite current model limitations. Lucid Group's stock, which has fluctuated between $16 and $35 in the past year, is expected to reach $70, indicating significant potential growth in the stock market.

Lucid Group has secured a deal with Uber Technologies to supply 20,000 vehicles for its robotaxi division. However, Legg's bullishness on Lucid Group's stock is surprising, given that competitors like Rivian Automotive and Tesla will have several affordable models on the market by the end of 2025. Currently, Lucid Group faces a challenge in introducing affordable electric models, with no models priced under $50,000.

Lucid Group aims to introduce an affordable model by the end of 2026, but questions remain about its ability to finance and scale the required infrastructure. Saudi Arabia's sovereign wealth fund has repeatedly provided financing to Lucid Group and plans to take delivery of 100,000 Lucid vehicles from 2022 to 2032, indicating confidence in the company's future in the stock market. Legg's bullish thesis is supported by Lucid Group's advanced technology and integrated manufacturing capabilities.

Despite the lack of affordable models and competition from established players like Tesla, analyst Mickey Legg maintains a $70 price target for Lucid Group stock, implying nearly 200% potential upside. Legg's prediction of accelerated U.S. EV sales in the coming years, along with Lucid Group's strategic partnerships and advanced technology, suggests a promising future for the company in the rapidly growing EV market.

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