The share price of Lucid Group, Inc. (LCID) slightly increased in the after-hours as compared to its previous close. Previously it closed at $44.88. But in the after-hours it saw a gain of 0.94% to reach $45.30 at the time of this writing. The total number of shares traded was63.42 million.

Lucid Group, Inc. (LCID) electric sedan tops all the industry contenders:

On Monday 16 November 2021 MotorTrend announced Lucid Motor’s The Air sedan coveted car of the Year award. The Air sedan is the first model of electric car from the Lucid Group, Inc. (LCID). This is for the very first time that any car manufacturing company has won the award with their very first model. The MotorTrend’s car of the year is The Lucid Air.

The panelists of the MotorTrend judged the debut version of the Air, the $169,000 Dream edition on the basis of six criteria i.e. its advancement in design, performance of intended function, safety, efficiency, value and engineering excellence.

Amongst the other finalists were some big industry names like the Hyundai Elantra 2021, Honda Civic 2022, Toyota GR 86 2022, Mercedes-Benz EQS 2022, Porsche Taycan 2021 and Mercedes-Benz S-Class.

Impact of MotorTrend’s car of the year award on Lucid Group, Inc. (LCID) stock:

Yesterday the car was announced to be the MotorTrend’s car of the year. It could increase the trust of consumer in the startup and could result in big number in terms of sales. Due to this important news the share price of Lucid Group, Inc. (LCID) saw a gain in after-market in their stock. In the upcoming days it could have a positive impact on its stock.

Financial overview of their third quarter:

• The customer reservation increased to 13,000 which reflecta revenue of approximately $1.3 Billion in the third quarter of their fiscal year.
• They have started to invest in plants, property and equipment which is related to the second stage of expansion of manufacturing.
• Continued their investment in the business, production and retail networks’ globalization.
• In the third quarter Lucid Group, Inc. (LCID) stock strengthened their balance sheet.

Conclusion:

With such a promising developments in the company Lucid Group, Inc. (LCID) stock seems to be a new hot stock for investors. But on the other hand it would be a tough challenge for Lucid Group, Inc. to manage such tremendous pressure in terms of production.