There was a time not too long ago when the idea of not needing gas to drive a car seemed foreign and almost laughable. Fast forward to today, it’s almost even more laughable to suggest gas and fossil fuels are still going to be the way of the future. One of the reasons it seemed so wild to suggest an electric car would replace our current cars is how costly they were to the consumer. An electric car wasn’t reasonably priced and made regular people feel like it wasn’t for them.
It also wasn’t a smart investment as a way to replace gas. The price difference between a normal car and an electric car back in the day was so far apart that it would have taken years before you paid in gas the difference between not having to get gas. Today, it’s a lot easier and more affordable to get an electric vehicle. Electric cars also had to be very closely monitored before there were charging ports everywhere.
If you were out and about, there was always a risk that you wouldn’t be able to get home before you needed to charge your car. Now, charging ports can be found almost anywhere. This has made the biggest issue, charging, go away. One of the leaders in manufacturing electric cars is Lucid (NASDAQ: LCID). The founders of the company had previous experience with another electric car company that’s helped propel them into being one of the best. Who owns Lucid and what exactly is their history?
Who Owns Lucid?
Much like any new company, Lucid is publicly traded on Wall Street. The company first started in 2007, making it incredibly new by business standards. They thought it would be beneficial to be traded because they needed to raise funds to continue research on electric cars. This was the best way to do this, as opposed to going and getting a loan from a bank. Lots of new companies do this as an easier way to raise capital without having to pay it back to a bank.
However, the risk of filing for bankruptcy is higher, thanks to people not wanting to invest based on profit margins. Marc Winterhoff was named the COO of the company in November 2023. Peter Rawlinson is currently the CEO and CTO of Lucid and has been since 2019. What’s the History of Lucid?
As previously mentioned, Lucid was first started by Sam Weng, Bernard Tse, and Sheaupyng Lin. Before he started the company, Bernard Tse was the Vice President of Tesla (NASDAQ: TSLA). He had the experience and foresight to see that electric vehicles were coming, and it was going to happen a lot quicker than any of us could ever truly realize. Peter Rawlinson, the current CEO and CTO was once the chief engineer of the Tesla Model S, one of the most popular Tesla models.
The company was born from those who thought they could produce a better car than Elon Musk could. They also didn’t have to do as much research as a new company would have. This is thanks to their former experience already coming in handy. The company didn’t go public until 2021, making it especially new on the stock market.
The headquarters are also located near Silicon Valley, one of the best places for it to reside. There’s so much technology and money flowing through this area daily. This will help Lucid gain more and more traction as electric vehicles become more and more popular.
What Will Lucid’s Stock Get to?
As of December 2023, Lucid’s stock is selling for $4.35 per share. This is after seeing prices rise to $55 per share in November 2021. For now, it does look like Elon and Tesla have cornered the market on electric cars. The stock hasn’t been the same since and has had some struggles of late. It’s been hovering around this point all year, though, meaning there might be some hope that there’s a breakthrough the company is expecting soon.
This isn’t a stock you should just throw all of your assets into, as there’s a chance it goes poorly. However, if things look up the way they can, Lucid can easily get back up to $8 per share by the end of 2024. It’s going to be interesting to watch the future of this company as time passes by. Lucid hopes to one day be the leader in electric cars. They have the staff to do so, it’s now up to them to complete the task.
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