EV maker Lucid Group (NASDAQ:LCID) has unveiled a new motorsports electric drive unit. Given its power density of 14.7 hp/kg, the company believes the unit can revolutionize electric motorsports.
Further, the electric drive unit further builds up on Lucid’s powertrain technology which the company developed in-house. Moreover, the drive unit offers regenerative energy recovery from the front wheels which means enhanced performance envelope, efficiency as well as relevance to road car advancement.
Importantly, the new unit is proprietary and produced at the company’s California headquarters.
Overall the Street has a $13.90 average price target on the stock which indicates a massive 61.63% potential upside in the stock. That’s after a nearly 77% slide in Lucid shares over the past year.
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