Can Lucid Challenge Tesla's EV Dominance?
The electric vehicle industry is evolving at a rapid pace. Several new players are entering the market, and not all are likely to succeed. However, Lucid Group (NASDAQ: LCID) has been successful at establishing itself as a strong contender in this competitive space.
Let's look at how Lucid Group is challenging Tesla's (NASDAQ: TSLA) electric vehicle technology. More importantly, can it eventually challenge Tesla's dominance in the EV space?
To understand why Lucid is grabbing headlines and awards lately, it is helpful to compare Lucid's technology with that of Tesla. To begin with, the Lucid Air Dream Edition offers a range of more than 500 miles. That's 100 miles more than Tesla's Model S, which was so far the longest-range EV model available. By comparison, Volkswagen's upcoming model ID.5 will offer a range of around 320 miles. Toyota Motor's all-electric SUV bZ4X, which will come to market in 2023, will have a range of around 310 miles. Clearly, Lucid Air is a winner in terms of range.
Source Fool.com
