The Tesla Model S and Lucid Air.
Tesla; Lucid Motors
BofA analyst John Murphy said Lucid could become the next Tesla or Ferrari based on estimates.
Murphy called Lucid “one of the most legitimate start-up EV automakers” in its report.
Lucid Group went public earlier in July via a SPAC and unveiled its first car earlier this month.
See more stories on Insider’s business page.
Lucid was dubbed the next Tesla or Ferrari in a recent analyst note from Bank of America.
Bank of America analyst John Murphy said Lucid could pose a threat to other startups like Tesla and Rivian, as well as more established automaker’s EV brands like Ford and GM. When he initiated coverage of the electric carmaker’s stock on Wednesday, he called Lucid “one of the most legitimate start-up EV automakers.”
In the note to investors, the Bank of America analyst said that Lucid has many of the ingredients necessary for success, including “innovative technology, attractive product, compelling brand, clean sheet manufacturing approach, and impressive management.”
In particular, Murphy highlights the Lucid Air sedan, which was officially unveiled earlier this month with a starting price of $77,400. On Wednesday, Autoweek reported that the range for the premium edition of the sedan, the Lucid Air Dream, surpasses the company’s own estimates, hitting 520 miles on a full charge.
Preorders for the Lucid Air Dream are already sold out. That model costs $169,000 compared to Tesla’s high end Model S, which starts at $130,000. Its price puts it just below the $200,000 to $400,000 price range for a new Ferrari.
The reports come a day after Morgan Stanley’s Adam Jonas said in a note to investors that Lucid is a “super premium” electric-car company, but ultimately competition in the EV market may be too great for the startup.
At the time, Jonas …read more
Source:: Business Insider