11 Small Cap EV Stocks to Invest In

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4. Lucid Group Inc. (NASDAQ:LCID)

Market Capitalization: $7.92 Billion

Number of Hedge Fund Holders: 19

Lucid Group Inc. (NASDAQ:LCID) is an American company focused on electric vehicles and advanced powertrain systems. The Company manufactures luxury electric cars and its flagship model, the Lucid Air, is recognized for its exceptional performance and efficiency. LCID ranks among the best EV stocks to buy.

In the third quarter of 2024, Lucid Group Inc. (NASDAQ:LCID) produced 1,805 vehicles and delivered 2,781 vehicles, reflecting a remarkable 90.9% increase in vehicles delivered compared to the same period last year. The company is on track to meet an annual production of around 9,000 vehicles in 2024. This growth in deliveries demonstrates strong demand for Lucid Group Inc.’s (NASDAQ:LCID) innovative electric vehicles.

In November 2024, the company opened orders for its highly anticipated Lucid Gravity SUV, which is set to begin production later this year. In October 2024, Lucid Group Inc. (NASDAQ:LCID) completed a capital raise of approximately $1.75 billion in October 2024. This funding enhances its financial stability and extends its runway into 2026, allowing the company to invest in production capabilities and technology advancements.

Lucid Group Inc. (NASDAQ:LCID) is also focused on optimizing costs at its state-of-the-art factory in Arizona, which is being designed for high efficiency. The factory will begin production of the Lucid Gravity SUV. It will initially produce 10,000 vehicles annually, with plans to expand capacity significantly in the future. The transition of key manufacturing processes to this facility is expected to reduce logistics costs and improve overall efficiency. With strong delivery growth, new product launches, and solid financial backing, Lucid Group Inc. (NASDAQ:LCID) presents a compelling investment opportunity in the electric vehicle market.

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