LCID Stock News: Lucid Group Inc gains as it sheds new light on its DreamDrive technology

NASDAQ:LCID is taking steps to take on its main rival Tesla (NASDAQ:TSLA) with its new DreamDrive driver assistance system. Shares of LCID gained slightly on the news, adding 0.83% on Wednesday, and closing the trading session at $23.06. It was another red day overall for the broader markets as all three major indices fell lower for the third straight session. EV stocks were mixed on the day, with industry leader Tesla pacing the sector gaining 1.74%. XPeng (NYSE:XPEV), Fisker (NYSE:FSR), General Motors (NYSE:GM) and Ford (NYSE:F) were all trading higher, while Nio (NYSE:NIO) and Li Auto (NASDAQ:LI) were the lone EV makers below water.

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Lucid unveiled more details about its DreamDrive driver assist system recently, and the company seems to be taking shots at what is not working with Tesla’s FSD system. DreamDrive will use a total of 32 on-board sensors, cameras, and radars, and will introduce the first ever automotive LiDAR system in North America. Keep in mind that Lucid is calling this system a driver assist system, rather than a self-driving system. As Lucid nears production and delivery of its first fleet of vehicles, Tesla remains tied up with regulatory red tape over the safety of its FSD technology. 

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Speaking of Tesla, the company reported its delivery figures for China on Tuesday before the opening bell. In the month of September, Tesla delivered a staggering 56,006 vehicles to the Chinese market. This is a new record for the company in China, although it should be noted that this includes vehicles that are exported out of China for sale, so the actual number of Teslas sold within China is a much smaller number. Still, it is a glowing report on how Tesla is ramping up its production at the Shanghai GigaFactory, just as it prepares to open the Berlin GigaFactory later this year.