Lucid Group (NASDAQ: LCID) is an emerging company in the electric vehicle (EV) space that has caught the attention of investors since its merger with a special purpose acquisition company (SPAC) three years ago. Its luxury EVs boast an impressive driving range, and the company is looking to take on industry giants like .

While Lucid stands to gain from the growing long-term demand for electric vehicles, its journey to production hasn't been without hurdles. After reaching a peak of $57.75 per share in late 2021, Lucid's stock has seen a steep decline of 95%, currently trading under $3 per share.

If you're thinking of scooping up shares of this promising electric vehicle company, consider the following.

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Source Fool.com