Lucid Motors (NASDAQ: LCID) is basically trying to ride the coattails of (NASDAQ: TSLA). Investors who buy Lucid stock are largely betting that it can, at least to some degree, achieve similar success. While Lucid is making progress toward the goal of becoming a more competitive automaker, it's a long way off from Tesla-level success.

To summarize a very complex story very quickly, Tesla was the first public company to build only-electric vehicles (EVs). At first, Wall Street and the automotive industry doubted it would ever be a formidable competitor to the established carmakers, but Tesla proved them wrong and, in the process, has seen its stock price rise more than 27,000%. A $10,000 investment in the stock at its initial public offering would now be worth about $2.7 million.

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Source Fool.com