Why Lucid Stock Rocketed 280% in 2021
2021 was a stellar year for electric vehicle (EV) stock Lucid Group (NASDAQ: LCID), with its shares gaining a whopping 280.1% in the year, according to data provided by S&P Global Market Intelligence. In fact, Lucid shares listed in the U.S. in July but soared only in the last quarter of 2021 after major developments at the company stunned the market. Could 2022 be another winning year for Lucid? For that matter, the stock is already up around 20% since the start of the new year.
For several years, Lucid claimed to be building luxury electric cars with a battery range that could give competitors a run for their money. Many laughed off Lucid's claims until mid-September 2021 when Lucid Air Dream Edition was officially accorded the longest-range rating for EVs yet by the U.S. Environmental Protection Agency (EPA). At 520 miles, Lucid Air Dream beat its closest competing car -- Model S from Tesla -- by more than 100 miles.
Image source: Lucid Group.
Source Fool.com
