Lucid (LCID) stock has been charging hard lately — rising 30% over the past 6 months off the back of Gravity SUV excitement and Saudi support. Meanwhile, Tesla (TSLA) has stumbled on soft Q1 results and rising EV competition. So the question floating around trading desks and FinTwit alike: could Lucid actually beat Tesla?
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Not any time soon. But the narrative is shifting.
Lucid (LCID) Rallies on Gravity SUV and Cash Runway
Lucid delivered 3,109 vehicles in Q1 — up from last year, but still far from mass scale. Revenue hit $235 million, and it now expects to produce about 20,000 cars in 2025. What gives investors confidence? Its war chest. Lucid’s total liquidity now sits at $5.76 billion — more than enough to keep the lights on and production rolling for at least a few years.
CEO Peter Rawlinson is also betting big on the Gravity SUV, which targets a high-end luxury segment Tesla hasn’t truly dominated. And with Saudi Arabia’s Public Investment Fund still backing the company heavily, Lucid has the geopolitical and financial tailwind to stay in the game.
Tesla (TSLA) Slips after Weak Quarter and Customer Backlash
Tesla, meanwhile, is no longer the untouchable AI-infused juggernaut it once was. Q1 revenue fell to $19.3 billion, down 9% year-over-year. Vehicle deliveries were also off by 13%. Some of that is macro — rate hikes, buyer fatigue — but sentiment is shifting too.
A TipRanks report flagged that more Tesla customers are starting to look elsewhere. Lucid’s sleeker styling, brand freshness, and perceived quality have started to win over defectors. That’s rare air — and a warning sign for Elon Musk’s once-bulletproof EV empire.
Lucid Still Needs Time to Scale and Win Trust
Let’s be clear — Lucid won’t be overtaking Tesla in sales or global reach anytime soon. Tesla has gigafactories, delivery volume, and brand power. Lucid has promise, but it’s still in the scrappy upstart phase.
For Lucid to be a real Tesla rival, it’ll need to execute flawlessly on production, cut costs, and show meaningful demand for Gravity and Air — especially outside of Saudi-funded markets. It’s possible. But it’s a long road.
Right now, TipRanks rates Lucid as a Hold, with cautious optimism around its future roadmap. Tesla still holds far more analyst Buys, but the gap has narrowed in sentiment over the past six months.
Could Lucid beat Tesla? Not yet. But for the first time in years, it’s not a ridiculous question.
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