Tesla wannabe Lucid Motors has reached the stock market. The next milestone—getting meaningful numbers of its flagship product in showrooms—will be more important.
Lucid is closer to selling vehicles than the other electric-vehicle startups that have merged with SPACs. It is also the one that most closely resembles Tesla . Lucid Chief Executive Peter Rawlinson led the engineering team on Tesla’s Model S and is largely following the Elon Musk playbook of forging a new car brand by developing as technologically advanced an electric vehicle as possible.
The resemblance to Tesla explains the hype around Lucid. Mr. Rawlinson thinks Tesla’s $620 billion market value is a function of the market-leading efficiency of its electric powertrains, which give the Model S a range of more than 4 miles per kilowatt-hour of battery power—the electric equivalent of miles a gallon. None of the first-generation electric vehicles from traditional luxury car makers such as Jaguar and Audi comes close, but the Lucid Air will offer a range of more than 4.
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