Lucid (NASDAQ:LCID) stock may be struggling today, but the electric vehicle (EV) producer just got some excellent news. The Lucid Air Pure, a luxury EV sedan that has turned many heads, has been added to the 10Best Cars for 2024 list by Car and Driver. This prestigious list consists of vehicles that have impressed the publication’s editorial team with many key attributes, including “value, performance, innovation, and overall driving experience.”
Being on the 10Best list places the Lucid Air Pure in the company of vehicles like the Porsche 718 Boxster/Cayman and the Corvette E-Ray. This development for LCID stock could be exactly the catalyst that LCID stock needs to pull back into the green.
Lucid has struggled significantly this year, falling below the $5 mark. That said, LCID may be on the verge of an important turnaround. The company remains focused on growth and innovation and making a top 10 list from a leading auto industry outlet should remind investors that the Lucid Air Pure could be a breakout EV in 2024.
What’s Happening With LCID Stock?
LCID stock has been slow to react to this positive news. As of this writing, shares are down more than 3% for the day amid strong volatility. While that isn’t exactly encouraging, investors should allow for the possibility that Lucid will still turn around. Market momentum has been good for other EV stocks today, suggesting that LCID can overcome the current turbulence.
That’s partially due to the fact that Car and Driver definitely liked the Lucid Air Pure. This year’s list didn’t include many EVs and it featured no vehicles from EV rivals like Tesla (NASDAQ:TSLA). In fact, the Lucid Air Pure received a glowing review:
“Through the garden of bumps, twists, and curves that is our 10Best loop, the Air served a driving experience as smooth as cocoa butter. The 430-hp rear-drive Air Pure gets to 60 mph in 4.3 seconds, and the 480-hp all-wheel-drive Pure cuts that to 3.5 seconds. The inherent goodness of the 819-hp dual-motor Air Grand Touring (the one that costs about $40,000 more and launches to 60 mph in 3.0 seconds) and even the 1234-hp Air Sapphire (at $250,500) certainly carries down. The Air Pure is an apple from an incredibly strong tree.”
Tony Quiroga, Editor-in-Chief of Car and Driver, praised the amount of detail that Lucid’s team has put into the Air Pure. “The density of thought is off the charts,” noted Quiroga in regard to the vehicle.
What This Means for Lucid
This type of glowing review could certainly help Lucid sell more cars in 2024 — and it hasn’t come a moment too soon. As InvestorPlace reports, the market is currently better for lower-priced EVs and hybrids than it is for highly priced luxury EVs. But Car and Driver makes it clear that the Lucid Air Pure is worth its fairly high $78,975 price tag. Car and Driver describes the vehicle as being in the “sweet spot” for “driving range, performance, space, and price.” This sets a positive tone for the coming year, a period that will be crucial for the company.
For the auto enthusiasts that take the Car and Driver rankings seriously and want a quality driving experience from their next EV, the Lucid Air Pure will be a logical choice. That bodes well for LCID stock as Lucid works to mount a comeback in 2024.
On the date of publication, Samuel O’Brient did not hold (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.
