What's Going On With Lucid Group Stock On Tuesday?
Lucid Group, Inc. (NASDAQ:LCID) shares moved higher on Tuesday after the company revealed a software upgrade to its driver assistance platform, DreamDrive Pro, aimed at enhancing hands-free capabilities in its electric vehicle lineup.
The update will introduce new features such as Hands-Free Drive Assist and Hands-Free Lane Change Assist, initially rolling out to Lucid Air owners via an over-the-air (OTA) update on July 30, with Lucid Gravity owners receiving it later this year.
This enhancement reinforces Lucid's long-term ambition to develop cutting-edge autonomous and driver-assist technologies built on its own software and sensor stack.
According to Benzinga Pro, LCID stock has lost over 36% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy ETF (NYSE:ACES).
The upcoming update builds on the foundation of DreamDrive Pro's sensor-rich system, incorporating LiDAR, radar, visible-light and surround-view cameras, as well as ultrasonic sensors to enable a seamless hands-free experience on compatible divided highways.
The Hands-Free Lane Change Assist will allow vehicles to change lanes automatically when the driver activates the turn signal.
According to Kai Stepper, Lucid's Vice President of ADAS and Autonomous Driving, "The addition of these features to Lucid's DreamDrive Pro offers a glimpse into the future that Lucid is building with the impressive capabilities of our software-defined vehicles."
Lucid says the rollout marks a pivotal point in its technology roadmap, emphasizing its commitment to bringing safe, scalable autonomous functions to its EV customers.
The company's ability to issue updates via OTA infrastructure reflects its strategy of leveraging a vertically integrated approach to hardware and software development.
The expansion of DreamDrive Pro continues Lucid's push to position its EVs at the forefront of smart mobility while offering tangible enhancements to existing owners, without requiring them to visit service centers.
Price Action: LCID shares are trading higher by 2.42% to $2.33 at last check Tuesday.
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