Is Lucid Group a Millionaire-Maker Stock?

On the surface, Lucid Group (NASDAQ: LCID) has all the ingredients of a potential millionaire-maker stock. The company is tiny (with a market cap of just $6.5 billion), its products are compelling, and it enjoys a vast total addressable market as the world shifts toward clean energy and electric vehicles (EVs). That said, Lucid has struggled to live up to its potential, with shares down by a blistering 78% since hitting the market in 2021.

In the first quarter, Lucid saw its revenue jump by 36% year over year to $235 million after a 58% increase in vehicle deliveries (to 3,109). However, while this sounds good on the surface, sales are still significantly down from their peak of $257.7 million, reached in the fourth quarter of 2022. The company has been stuck in idle for almost two-and-a-half years.