Lucid (NASDAQ: LCID) and Nikola (NASDAQ: NKLA) are both electric vehicle makers that went public by merging with SPACs (special purpose acquisition companies). Both EV makers initially painted rosy long-term forecasts during their initial investor presentations, but quietly walked back those estimates after their public debuts. As a result, Nikola and Lucid now both trade below their initial post-merger prices. Should investors consider buying either stock right now?

Lucid's debut luxury sedan, the Lucid Air, can travel up to 520 mileson a single charge, which beats Tesla's (NASDAQ: TSLA) Model S Long Range by more than 100 miles. It's led by Peter Rawlinson, who previously served as Tesla's chief vehicle engineer from 2009 to 2012. Lucid notably targets more affluent customers than Tesla: The Lucid Air starts at $87,400, while the top-tier Grand Touring model starts at $154,000.

Image source: Lucid.

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Source Fool.com