Shares of electric vehicle (EV) manufacturer Lucid Group (NASDAQ: LCID ) — which does business under Lucid Motors — jumped slightly higher on Monday. Late last week, the premium EV specialist settled a trademark dispute with charging equipment manufacturer Gravity . With at least one distraction out of the way for LCID stock, management can concentrate on competing in a hotly contested arena.
Fundamentally, the issue centered on impinging on a preexisting trademark. Lucid intends to launch a new luxury SUV called the Gravity. According to the company’s website , the Gravity will feature a range of up to 440 miles.
It also offers seating for seven, and with over 800 horsepower, the SUV can launch itself to 60 miles per hour from a standstill in under 3.5 seconds. However, the EV maker’s use of “Lucid Gravity” clashed with Gravity’s own brand identity.
Adding to the confusion, Gravity, the company, specializes in EV charging equipment. Therefore, the two entities operate in similar fields. However, as Matt Everitt, general counsel at Lucid pointed out, the two companies reached an agreement.
Gravity CEO Moshe Cohen stated that the matter was handled “amicably.” Therefore, it’s one potential distraction that investors of LCID stock don’t have to worry about. LCID Stock Still Faces a Challenging Road Ahead Trademark disputes typically represent tricky circumstances to decipher.
As Gouchev Law pointed out, some clear violations exist. However, it’s also pos.
