What happened — Lucid Motors, a Tesla rival, went public today on the Nasdaq via a SPAC merger, raising $4.5 billion from the markets. Stock popped 11%!
Lucid hasn’t sold a damn car yet, but that doesn’t matter when it comes to EV stocks! The company’s IP is believed to be top notch — especially its battery technology, which Lucid claims beats Tesla with a 800kms range with a single charge.
What’s next — Lucid’s first car is called “Lucid Air”, an expensive luxury sedan costing $80K+, which has gotten about ~10K bookings so far. First delivery is expected at the end of 2021.
Lucid is basically trying to be the Cadillac of EVs, targeting the high-end “luxury” segment — a category Tesla pioneered, but slowly abandons as it goes mass market.
$LCID worth it? — well with Ford, Volkswagen, Hyundai and the rest of the pack crowding the bottom of the pit, there’s definitely much less fist-fighting at the top. But, that’s IF Lucid can deliver a car on time, and proportionately scales deliveries.
Big IF, that took Tesla 13 years to get right, profitably.