Lucid Motors will be the next publically traded EV. Tesla should be worried.
Every time there is new EV news the automatic go to catch phrase is "Tesla Fighter", but Lucid has a lot in its favor to take a run at Tesla.
This week Lucid Motors entered into a multi billion dollar deal with to become a publically traded company. While yet to deliver any customer cars, Lucid is extremely well positioned to start making some large waves in the EV space.
The deal will give them access to capital to continue investing in their technology and products. It is widely known that Lucid has been working on factory infrastructure, battery technology and some creative and innovated take on the modern market place.
The Lucid air boasts some impressive specs, with range beyond 500 miles, and horsepower over 1000. The design language is clean and beautiful.
The first cars are slated to be delivered in the second half of 2021. As with Tesla the upper segment and more upscale offerings will be first to hit the streets, but there are solid plans to start offering an option in the $40k range within a couple of years.
In my eyes this is the first legitimate company to be poised to keep Tesla honest in the marketplace. Some health competition is a good thing. Hopefully it keeps everyone motivated to push the envelop of technology, value and quality.
That last point might be a topic more should be talking about. Tesla has not really been known for the best quality control. Most seem fine to turn a blind eye as there really is no other option if you are in the market for a premium fully electric vehicle.
Currently shares of Tesla stock trade around $750. Right now Lucid shares are trading for under $30. While I am not a financial adviser, that does seem like an interesting investment.