Hey LCID Stock Fans! Lucid Motors Just Announced Its New $179k Model

Arguably the best and most technologically-sound electric vehicle (EV) company, Lucid (NASDAQ:LCID) recently debuted the latest edition of its Air luxury sedan. The move came less than a year into the car’s production. However, LCID stock still fell after the announcement.

According to the company, customers have already started taking deliveries of the Lucid Air Grand Touring. However, the firm won’t start producing the new Grand Touring Performance model until later in the spring.

One of the reasons LCID stock remains technologically ahead of Tesla (NASDAQ:TSLA) and other EV companies is its Environmental Protection Agency (EPA) range, or the number of miles a vehicle can travel before needing to charge. The new Air Grand Touring model has an impressively high range of 516 miles. It takes just 20 minutes to charge enough to go 300 miles.

At 1,050 horsepower and 2.6 seconds to go from 0 miles per hour (mph) to 60 mph, Lucid has managed to combine luxury and high-level performance in the Grand Touring Performance. However, a potential customer will have to write a $179,000 check to enjoy the vehicle. For the Lucid Air Grand Touring model, its horsepower stands at 819 with a three second 0 mph to 60 mph time.

Peter Rawlinson, CEO and CTO of Lucid, said:

“The Lucid Air Grand Touring epitomizes the promise of the Lucid brand — a triumvirate of stellar driving dynamics, industry-leading range and efficiency, and luxurious interior space … This unparalleled fusion of strengths is the product of Lucid’s ground-breaking in-house technology, like our miniaturized drive units with unrivaled power density and race-proven 900V+ battery and power architecture.”

But despite the announcement, LCID stock shed 41 cents, or 1.89%, to $21.29 per share on Tuesday. It extended its five-day decline to a loss of $2.31, or 9.79%. Still, I think the company is viable given its sound technology and adoption of a vertical integration method.

On the date of publication, Samed Olukoya did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.