Lucid Group (NASDAQ: LCID) has had a volatile year, with shares fluctuating between $16 and $35. Despite this, one analyst maintains a price target of $70 for Lucid stock, implying significant upside potential. Mickey Legg of Benchmark Company sees three key factors driving his optimism. First, he predicts a surge in EV sales in the U.S. by 2025 and 2026, though recent data suggests a slowdown. Legg also highlights Lucid’s advanced technology and integrated manufacturing capabilities as key strengths. The company’s deal with Uber Technologies to supply 20,000 high-tech vehicles for its robotaxi division further underscores its technological prowess. Additionally, Legg points out Saudi Arabia’s significant stake in Lucid, with plans to acquire 100,000 vehicles by 2032, though this partnership poses some risks due to the country’s influence on the company. However, Lucid faces a challenge in offering affordable electric models, with no models priced under $50,000 and questions about its ability to bring such models to market by 2026. This lack of affordable options could hinder its growth potential compared to competitors like Rivian Automotive and Tesla, which are set to launch several affordable models soon. While some analysts are bullish on Lucid stock, the company’s current model lineup may limit its mass adoption until more affordable options are available.

Read more at Yahoo Finance: Should You Buy Lucid Group Stock While It’s Below $70?