What happened
Lucid Group (LCID +4.79%) stock shot up late Tuesday afternoon as the market took note of an important press release from the electric vehicle (EV) manufacturer. Lucid stock was trading as high as 6.6% as of 2:37 p.m. ET.
So what
In October last year, Lucid revealed details of DreamDrive Pro, its advanced driver-assistance system (ADAS) equipped with up to 32 on-board sensors, among other things. Lucid has revealed four EV models so far, and its DreamDrive Pro is standard in its Air Dream Edition and Air Grand Touring trims, and optional in other Lucid Air models.
This afternoon, Lucid said it'll use Nvidia's DRIVE Hyperion technology to add new features to ADAS and has already integrated the technology into the DreamDrive Pro ADAS system of every Lucid car out on the road today.
Image source: Lucid Group.
Hyperion is Nvidia's latest generation technology built for autonomous vehicles and is loaded with multiple cameras, sensors, and lidar to ensure high standards of safety and cybersecurity for car manufacturers.
Rishi Dhall, Nvidia's vice president of automotive, said the company is working closely with Lucid "to create highly programmable, intelligent vehicles," and that the use of Nvidia Drive should help Lucid deliver safe and "future-ready" EVs.
Lucid also said it plans to collaborate further with Nvidia on future products.
Now what
Lucid shares have been under tremendous pressure since December, so any development that puts Lucid in a positive light is bound to lift the stock higher. Lucid's fourth-quarter numbers and outlook announced earlier this month hugely disappointed investors, and there's been little progress or updates since to help lift investor sentiment.
NASDAQ: LCID
Key Data Points
Nvidia is a name to reckon with, and Lucid Air has already gained a massive amount of attention since launch. A combination of the two forces, therefore, is an exciting prospect and the kind of catalyst investors in Lucid were waiting for to see the stock spring back to life.
