For years now, Tesla has had the luxury electric vehicle market cornered. While other manufacturers tried to launch luxury electric vehicles, no one has come close to being as successful as Tesla. This is where Lucid hopes to step in and change things. Lucid is a new company that has entered the luxury electric vehicle world as of the fall of 2021. As a vehicle investor, enthusiast, or consumer, you may be wondering how these two companies are similar and how they may vary. Here is more information about their similarities and differences.
How Are Lucid and Tesla Intertwined?
Lucid and Tesla are intertwined in the sense that both companies are set to be key players in the luxury electric vehicle market. Elon Musk, the owner of Tesla, has also stated that he feels having multiple companies in the space helps to push companies, which only benefits consumers. Tesla is already a leader in the market, and Lucid hopes to compete in that same market, all while having both companies push each other to push quality products.
What Sets Tesla Apart From Lucid?
One of the biggest differences between Lucid and Tesla is their current market position. Tesla already has brand name recognition, while Lucid is still working to gain that recognition among consumers. Another big difference between Tesla and Lucid is the price. Currently, Tesla is more affordable than Lucid, but Lucid is hoping to push lower-priced luxury automobiles in the near future.
What Sets Lucid Apart From Tesla?
One of the key differences that set Lucid apart from Tesla is its inspected production gear up. Lucid expects to produce more vehicles than Tesla in the next five years, hoping to help those vehicles gain more consumer brand recognition. On top of that, Lucid also has plans to produce more models of electric vehicles than Tesla. They hope that that entices more customers to want to do business with them. The final major difference between Lucid and Tesla is that, at this time, Lucid is not outsourcing the making of their vehicles to third parties. Lucid believes that there are too many things that can go wrong, and they want to control more of the quality control details, which means all vehicles are produced in-house at this time.
How Does Lucid Affect Investors?
Lucid is a company that is growing and many investors are carefully watching the company. The company is gaining in traction and its stock price is increasing. Additionally, as the company announces new products and its automotive marketing strategy, Tesla stock prices decreased slightly. This shows that both of these companies will be competing against each other and investors know it.
How Does Lucid Affect Consumers?
Lucid affects consumers in a positive way. When you think of luxury electric vehicles, Tesla is likely the only company that comes to mind. However, Lucid hopes to change this and make a name for themselves in the industry. This helps to provide consumers with a choice of which company they do business with and provides consumers with more shopping options when they are looking to purchase a new vehicle.
Having at least two large companies competing against each other is typically beneficial for consumers. In this case, both Lucid and Tesla hope to continue to grow the luxury electric vehicle market. The hope is that these two companies will push each other to produce lower-priced vehicles and vehicles that best meet consumer needs. This is an industry that should see a lot of growth, and both Lucid and Tesla should be names that consumers will recognize for years to come.
Author Bio: Luke Wilhoit has held the title of an automotive content writer, editor, and managing editor. He is now the Director of Content Marketing at Automotive-Marketing.com where they specialize in automotive content marketing as well as everything related to automotive digital marketing strategies for large-scale automotive companies.