Lucid Group, Inc. (NASDAQ:LCID) shares edged lower on Tuesday despite unveiling a high-profile marketing shift aimed at elevating its brand appeal.

The electric vehicle maker announced that award-winning actor Timothée Chalamet will serve as its first global brand ambassador, part of a broader strategy to increase cultural relevance and drive interest in its upcoming luxury SUV, the Lucid Gravity.

The partnership, announced from Lucid’s Newark, California headquarters, aligns with the company’s “Compromise Nothing” ethos and represents a major push to redefine what premium EV ownership looks like.

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Chalamet, known for his creative edge and cultural influence, will headline a global campaign for the Gravity SUV debuting this fall.

However, while the branding effort grabbed headlines, investor focus may be shifting toward intensifying competition in the autonomous and EV mobility space, putting pressure on Lucid’s stock.

Earlier this month, Lucid revealed a joint initiative with autonomous vehicle firm Nuro and Uber Technologies, Inc. (NYSE:UBER) to develop a next-gen premium robotaxi, exclusively for Uber’s ride-hailing platform. Though a strategic step, it arrives in a market that’s becoming increasingly crowded and capital-intensive.

Underscoring this competitive tension, today Avis Budget Group (NASDAQ:CAR) also announced a strategic partnership with Waymo to support a fully autonomous ride-hailing rollout in Dallas. Through the multi-year deal, Avis will handle Waymo’s fleet infrastructure, vehicle maintenance, and depot operations, marking another major player scaling its robotaxi ambitions.

With the development, the ‘robotaxi’ pressure is amplified as legacy automakers, tech giants, and mobility firms race to secure early dominance in the autonomous and luxury EV market.

Meanwhile, Chalamet’s association with Lucid traces back to 2023, when he was seen driving a Lucid Air. That casual connection evolved into a formal partnership, underpinned by shared values of style, innovation, and performance. According to Akerho “AK” Oghoghomeh, Lucid’s SVP of Marketing, Chalamet brings a “fearless creativity” that aligns with the company’s vision.

The Lucid Gravity, slated for launch later this year, aims to blend luxury, technology, and practicality, offering a spacious three-row layout with the performance traits of a high-end sports car. It’s the company’s boldest attempt yet to capture a wider share of the electric crossover market.

According to Benzinga Pro, LCID stock has lost over 25% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy ETF (NYSE:ACES).

Price Action: LCID shares are trading lower by 7.7% to $2.575 at last check Tuesday.

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