Will Lucid Group Become the Next Tesla?
There's a lot of buzz around electric vehicle (EV) stocks right now. Tesla's (NASDAQ: TSLA) third-quarter results blew expectations out of the water, catapulting Tesla to a new all-time. With a market cap above $1 trillion, it's now worth more than Facebook, and is the fifth-most-valuable stock traded on a U.S. exchange. Similarly, encouraging Ford Lightning reservations have pole-vaulted Ford to a fresh 52-week high.
Then there's up-and-coming EV company Lucid Group (NASDAQ: LCID), which delivered its first cars last weekend after beginning production in late September. With a market cap of over $55 billion, Lucid may look ridiculously overvalued for a company that's barely begun making cars. But if it has a shot at becoming the next Tesla, then its share price looks very cheap. Let's look at where Lucid stands today and where it's headed to see if it really can become the next Tesla.
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Source Fool.com
