Lucid Group (LCID) is moving into being a real contender for a top spot in the luxury electric vehicle (EV) market. Lucid Group estimates that it will produce 500,000 vehicles by 2030, suggests Bryan Perry, editor of Hi-Tech Trader.

The company has clearly demonstrated the engineering expertise to produce a world-class luxury EV. Having its Air Dream win the 2022 MotorTrend Car of the Year award was just the start of the company’s move towards a very bright future.

The company’s Air Dream edition boasts the longest mileage range of any electric vehicle (502 miles), nearly 100 more than Telsa’s most expensive Model S.

Like Tesla (TSLA), the company is employing a top luxury model that will be followed by models that will eventually seek to garner the $25,000-$30,000 price range in the years ahead. For now, it’s about branding the name and delivering on the more than 20,000 backorders the company is sitting on. Its assembly plants are located in Arizona.

Sales for 2021 were only $88,000, as the very first deliveries were being shipped at year-end. For 2022, though, Wall Street is forecasting sales to explode by 2,275% to $2.1 billion. The company just completed a $2 billion convertible bond offering that was oversubscribed by institutions – it is always a good sign that big money wants the convertible debt.

The stock traded as high as $64.86 back in May following the initial public offering (IPO). It spent the next several months consolidating, made another big move in late November by releasing the number of reservations and deposits for the Air Dream and has since pulled back to a key area of technical support at $37. The stock looks poised to begin 2022 in a bullish pattern.

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