Lucid Group expects to deliver 20,000 vehicles next year and generate more than $2 billion in revenue.
Bank of America recently called Lucid the next Tesla or Ferrari of electric vehicle makers. Lucid's first cars have rolled off the assembly line.
Bank of America initiated coverage of Lucid Motors on Wednesday with a "buy" rating and price target of $30. The stock currently trades around $19.
Wednesday is the first time some of Lucid's largest stakeholders can sell their shares in the stock since the EV maker's July SPAC merger.
Lucid expects to deliver less than 1,000 of its Lucid Air model in 2021, and about 20,000 vehicles in 2022.