Lucid Group Inc (NASDAQ: LCID) shares soared 5.20% in pre-market trading on Monday, as investors reacted positively to a recent analysis highlighting the company's growth potential in the electric vehicle (EV) market. The surge comes as Lucid is being touted as one of the high-growth EV stocks that could potentially replicate Tesla's success story.

According to recent reports, Lucid's near-term growth expectations are significantly higher than some of its competitors. The company's revenue is projected to jump by more than 50% in the current quarter, primarily driven by the shipment of its new Gravity SUV platform to customers. This second major model introduction has the potential to more than double Lucid's sales over time, exciting investors about the company's future prospects.

Despite trading at a higher valuation of 7.7 times sales compared to some peers, Lucid's ambitious plans are attracting attention. The company aims to release three new affordable models, with production expected to begin in 2026. However, analysts caution that Lucid faces challenges, including lower cash reserves compared to competitors and recent leadership changes with the departure of its longtime CEO. Despite these risks, with a market cap of just $8 billion, some market observers believe Lucid has significant upside potential, contributing to today's pre-market rally.