At first glance you might think Lucid (NASDAQ: LCID) is faring pretty well. After all, the start-up electric vehicle (EV) maker recently raised $1 billion from Saudi Arabia's Public Investment Fund (PIF), exceeded expectations in second-quarter deliveries with a 70% year-over-year gain, and announced -- albeit with some debate -- that it has produced the most efficient and sustainable vehicle made with its 2025 Lucid Air Pure. Those developments helped drive its share price up 47% over the past three months.

However, if you do more than scratch the surface, you'll see that many problems remain. Here are three things that could really burn Lucid investors.

Lucid faces the same problem many start-up EVs face: cash burn. Startup EV makers are in a tough position without lines of profits from gasoline-powered-engine vehicles to support their unprofitable EV products. Until costs come down significantly, or consumer demand unexpectedly explodes for higher-priced EVs, Lucid will continue to burn cash extensively.

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Source Fool.com