Is Lucid Motors a Millionaire Maker?

Lucid Motors (NASDAQ: LCID) highlighted the accolades its electric vehicles (EVs) have received when it reported its full-year 2023 financial results back in February. The list of kudos for the Lucid Air includes Car and Driver's 10 Best list for 2024, 2023 World Luxury Car of the Year, and 2022 MotorTrend Car of the Year. But is a good product enough to turn this upstart auto company into a millionaire-maker stock?

Lucid is building an automaker from the ground up, so it may not be fair to compare it to incumbents like Ford Motor Company or General Motors, which trace their histories back to the very start of the automobile industry. But you could easily compare it to companies like (NASDAQ: TSLA) or Rivian (NASDAQ: RIVN), which are both younger entrants into the auto space. And Lucid, Tesla, and Rivian are all attempting to compete in the burgeoning electric vehicle niche.

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Source Fool.com