What happened
Shares of electric vehicle maker Lucid Group (LCID 0.41%) are ending the week on a down note today. As of 2:27 p.m. ET, Lucid stock was trading down 4.3% on the day at $21.10 per share.
So what
Today's drop parallels a decline in the tech-heavy Nasdaq Composite Index. That index was down almost 1.4% at the time of writing. The move aligning with the general sector likely explains today's drop more than anything. The only recent company-specific news was actually something that investors would normally cheer.
Lucid Air Grand Touring Performance model. Image source: Lucid Group.
Earlier this week, Lucid announced the launch of its new performance offering, hoping to take on electric vehicle leader Tesla. The Air Grand Touring Performance (GTP) model, in fact, brings more horsepower than Tesla's Model S Plaid, and is a way for Lucid to tout what it considers is its technological advantage.
Now what
Lucid has highlighted its technology leadership in the sector since it introduced its battery pack that offered an industry-leading 520-mile range on a single charge. With its new performance model, it offers 1,050 horsepower, compared with the 1,020 horsepower offered by Tesla's performance model.
Lucid calls its performance car "the most powerful electric vehicle currently available in North America." It also has a battery range of 446 miles, versus the 396-mile range for the Model S Plaid.
Deliveries of Lucid's GTP model will begin in June 2022. With its price of $179,000 for U.S. consumers, the company may not be planning on it being a high-volume model. But it's clear that Lucid wants both consumers and investors to know how much of a focus it puts on technological leadership.
