Although new to the public markets, Lucid Group (NASDAQ: LCID) has wasted no time making a splash with its eye-catching design and record-breaking performance. The company's proprietary electric vehicle (EV) powertrain technology is so impressive that the Lucid Air sedan was awarded MotorTrend's 2022 Car of the Year. Share prices of Lucid Group have whipsawed from below $20 a share to above $60 a share in the last three months. The volatility is crazy, but there are even wilder economic visuals you have to see to believe. Here are three charts and tables that demonstrate why Lucid is the hottest electric car stock right now. Image source: Lucid Group. 1. Monolithic milestones Lucid can't compete with the legacy automakers on production volume, price, or pedigree. But it can go toe-to-toe on technology. The 19-inch-wheel and 21-inch-wheel versions of the Lucid Air Dream Edition and Air Grand Touring hold the top six highest range ratings by the Environmental Protection Agency (EPA). Model Estimated Range Horsepower Lucid Air Dream Edition Range with 19" wheels 520 miles 933 Lucid Air Dream Edition Range with 21" wheels 481 miles 933 Lucid Air Dream Edition Performance with 19" wheels 471 miles 1,111 Lucid Air Dream Edition Performance with 21" wheels 451 miles 1,111 Lucid Air Grand Touring with 19" wheels 516 miles 800 Lucid Air Grand Touring with 21" wheels 469 miles 800 Data Source: Lucid Group. Note: The estimated range is based on EPA scores. History tells us that competing in the luxury sedan market is a good way to go bankrupt unless your product stands out. What separates Lucid from the competition is its efficient battery pack that allows the car to travel greater distances on less energy. Lucid has repeatedly said its technological advantage is the key to developing a reputable brand. It's controlling as much of its design and manufacturing process as possible by building the integrated powertrain in-house at its plant in Arizona. 2. Outperforming other auto stocks 2021 has been a pretty good year for automakers in terms of stock performance. Tesla, Ford, General Motors, Volkswagen, Honda, and Daimler, among others, are all beating the S&P 500. Then there's Lucid, which has seen its stock price quadruple year to date. LCID data by YCharts The end result doesn't tell the full story. Lucid saw its stock languish for most of the year over doubts that it would be able to complete its merger with Churchill Capital IV. The merger was vital because it gave Lucid the $4.4 billion in cash needed to get its manufacturing off the ground. After the merger, there was doubt it would reach mass production and customer deliveries in 2021. Lucid hit all those goals and continues to deliver on its promises. Staying true to its word and setting aggressive 2022 goals are the main reasons why investors are piling into the growth stock. 3. Stiff competition Being named the MotorTrend 2022 Car of the Year is all the more impressive when you look at the last decade of winners. Manufacturer Model Year Won Powertrain Lucid Group Air 2022 EV Mercedes Benz E-Class E-Class 2021 ICE Chevrolet Corvette Stingray 2020 ICE Hyundai Genesis G70 2019 ICE Alfa Romeo Giulia 2018 ICE Chevrolet Bolt 2017 EV Chevrolet Camaro 2016 ICE Volkswagen Golf 2015 ICE Cadillac CTS 2014 ICE Tesla Model S 2013 EV Data source: MotorTrend. ICE = internal combustion engine. EV = electric vehicle. The Lucid air is the third EV to win the reward alongside the Tesla Model S and the Chevrolet Bolt. It is also one of the few companies (along with Tesla) to win the award less than 15 years into its existence. Is the price worth the potential? Share prices of Lucid are likely to remain volatile for the foreseeable future as investors value the company on its ability to meet and exceed expectations. As the investment thesis plays out, the company's sales and profitability will come into focus. For now, Lucid remains a high-risk, high-reward play in the EV space. The potential is undeniable, but Lucid has a lot to prove in order to justify that it's worth the current $84 billion market capitalization its stock is valued at. 10 stocks we like better than Lucid Group, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Lucid Group, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 10, 2021 Daniel Foelber owns shares of Lucid Group, Inc. and has the following options: short December 2021 $20 calls on Lucid Group, Inc., short February 2022 $20 calls on Lucid Group, Inc., and short November 2021 $22 calls on Lucid Group, Inc. The Motley Fool owns shares of and recommends Tesla and Volkswagen AG. The Motley Fool has a disclosure policy.Source