Cantor Fitzgerald founded Lucid Group while overweight by

© Reuters. Cantor Fitzgerald Initiates Lucid Group (LCID) When Overweight

By Michael Elkins

Shares of Lucid Group (NASDAQ:) jumped 3.63% in pre-market trading on Tuesday after Cantor Fitzgerald started covering the luxury electric vehicle company with an Overweight rating and $23 price target. la.

A Cantor Fitzgerald analyst wrote in the note that “Lucid is an automotive and technology company that designs, engineers, and builds luxury electric vehicles, electric trains, and battery systems sold online or through retail studios. We believe LCID’s luxury and premium vehicles offer greater efficiency, longer range, faster charging, and more space than their peers.”

Lucid Air currently offers industry-leading range of up to 520 miles on a single charge. This range is a significant departure from other EVs and is enabled by a powerful, efficient powertrain that Lucid developed and built in-house. Lucid’s vehicle is also equipped with a two-way and ultra-fast >900V “wunderbox” enhanced charging technology system, capable of charging 300 miles in ~22 minutes.

The company also enjoys a sizable commitment from the Saudi government for the sale of “up to 100,000 vehicles” over a 10-year period. The deal, announced on April 26 of this year, includes an initial commitment to purchase 50,000 vehicles and an option to purchase an additional 50,000 vehicles. Deliveries are expected to begin in Q2 of 23 at the latest, and initial orders are expected to range from 1,000-2,000 vehicles per year and grow to 4,000-7,000 vehicles starting next year. 2025.

The analyst wrote in his note that he believes the deal “makes sense” and will help LCID ramp up production quickly.

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