Where Will Lucid Group Be in 3 Years?

One of my favorite electric vehicle (EV) stocks to monitor in the past few years has been Lucid Group (NASDAQ: LCID). Over the past decade, at least 30 electric car start-ups have gone out of business. But Lucid keeps chugging along, helped immensely by its biggest financial backer: Saudi Arabia's sovereign wealth fund.

In an industry rife with financial failures, having a deep-pocketed lead investor is a huge advantage. Only a few EV start-ups in history have become financially viable businesses, independent of outside investment. Here's what Mark Wakefield, managing director at AlixPartners, told CNBC:

, outside of the Chinese, is kind of the first automaker to start in half a century. Rivian and Lucid are sort of the next two closest of the Western ones. Both of them have eviscerated $10 billion. So it's interesting to see these other small start-ups who raise $1 billion or $2 billion and they think that's enough. It's not even close.

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Source Fool.com