Is Lucid Group a Millionaire-Maker Stock?

If you want to make millions in the stock market, bet on small companies tackling big opportunities. With a market cap of just $9 billion, Lucid Group (NASDAQ: LCID) fits the bill as it tackles the electric vehicle (EV) industry. And its new self-driving car partnership could take things into hyperdrive. Let's dig deeper into why you should consider buying this exciting stock and if it could take you to millionaire status.

The technology behind self-driving cars looks almost ready for prime time, and Wall Street analysts are incredibly optimistic, with one estimate projecting a $300 billion to $400 billion revenue opportunity by 2035. Lucid could capture a chunk of this long-term growth through its recently announced partnership with ride-sharing giant Uber Technologies, which says it "aims to deploy 20,000 or more Lucid vehicles equipped with the Nuro Driver™ over six years in dozens of markets around the world."

Uber will purchase a $300 million stake in Lucid's equity and buy at least 20,000 customized Gravity SUVs to help with the rollout of its robotaxi fleet in the U.S. starting next year. The partnership will rely on hardware from a self-driving start-up called Nuro, which is already testing its software in major American cities like Dallas, Miami, and San Diego.

Continue reading

Source Fool.com