Lucid Motors (NASDAQ: LCID) is attempting to use the emergence of a new technology to gain entry into the highly competitive automotive sector. That's a tall order, given that the industry is dominated by a relatively small number of large companies. Notably, most of them are also leaning into the new technology that Lucid is focused on. Here's what you need to know before you buy Lucid in the hopes of it being a millionaire-maker stock.

The auto industry is largely built around internal combustion engines (ICE). A massive infrastructure exists to support ICE vehicles, from the auto manufacturer to the gas station where customers purchase fuel. However, (NASDAQ: TSLA) upended the story when it introduced all-electric vehicles (EVs).

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Source Fool.com