Could Lucid Group Become the Next Tesla?

Lucid Group (NASDAQ: LCID) gets labeled as the "next Tesla" (NASDAQ: TSLA) for three reasons. First, Lucid's CEO and CTO Peter Rawlinson oversaw the development of Tesla's Model S sedan as its chief vehicle engineer from 2009 to 2012.

Second, Lucid's first EV, the Lucid Air sedan, can travel up to 520 miles on a single charge. That beats the maximum range of Tesla's longest-range vehicle, the Model S Long Range, by over 100 miles.

Lastly, Lucid has ambitious goals for the future. It only recently started to ship its first batch of 520 customized Dream Edition Lucid Air sedans, but it plans to produce 20,000 vehicles in 2022 and 500,000 vehicles annually by 2030.

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Source Fool.com