Skip to content

Lucid or Tesla: Why TSLA is winning the EV delivery battle

Lucid or Tesla: Why TSLA is winning the EV delivery battle
Vinicius Barbosa

The surge in global interest around clean energy and climate change has pushed the Electric Vehicle (EV) industry to the forefront of technological innovation.

As a result, numerous companies are competing in this rapidly evolving sector to capture a significant chunk of the market, among these contestants, two companies, Tesla Inc. (NASDAQ: TSLA) and Lucid Group, Inc. (NASDAQ: LCID), stand out as worthy of mention.

According to its most recent report, Lucid delivered 1,457 Lucid Air vehicles in 2023 Q3, the flagship EV of the company. This is 36% less than the estimated projection of 2,275 for the period.

Gurgavin Chandhoke, CEO at uINVST, said in a post on X, on October 17, that the total amount delivered by Lucid in the third quarter is less than what Tesla delivers every eight hours.

Notably, Finbold retrieved data from Statista showing the production of 430,488 electric vehicles by Tesla in Q3 2023. Also noteworthy is that Tesla’s production has slightly dropped from the previous three quarters.

Number of Tesla vehicles produced worldwide.
Number of Tesla vehicles produced worldwide. Source: Statista

Lucid, Tesla, and the EV Industry

More than just a trend, electric vehicles represent an integral part of the worldwide initiative to reduce greenhouse gas emissions, with countries such as the United Kingdom and Germany setting ambitious goals for a majority electric vehicle future.

Tesla (TSLA) market analysis

Tesla, led by the billionaire Elon Musk, is a household name in the EV industry and is credited with pushing the EV sector into the mainstream consciousness.

With a diverse range of models, impressive performance specs, and a wide network of charging stations, Tesla continues to be the benchmark for other electric vehicle industry players.

The company’s offerings have gained substantial consumer confidence, translating to an impressive market cap of over $805.9 billion as of October 17, 2023. TSLA is trading at $254.6 per share by press time, losing 11% in the last three months, from $286.45 per share.

TSLA 3-month price chart.
TSLA 3-month price chart. Source: Finbold

From a technical analysis point of view, Tesla stocks are facing a death cross in the daily chart.

Lucid (LCID) market analysis

On the other hand, Lucid, a Californian premium electric vehicle manufacturer, has been making waves as a serious competitor for Tesla.

Although relatively new in the sector, with the production of its first car, the Lucid Air starting in 2021, the company aims to distinguish itself through its high-quality luxury EV offerings. Its debut vehicle, the Lucid Air, has turned heads, boasting a 517-mile range on a single charge, which tops Tesla’s farthest-ranging model.

However, with a much smaller product lineup and an infant stage of market existence, Lucid faces the significant challenge of building a customer base in an industry dominated by established heavyweights like Tesla.

This smaller production capacity is also reflected in its market capitalization of $12.1 billion at the time of publication, changing hands by $5.05 per share, which makes Lucid 66 times smaller than Tesla from a market perspective.

LCID 3-month price chart.
LCID 3-month price chart. Source: Finbold

Nevertheless, Lucid stocks had a superior price performance than TSLA in the last quarter. LCID has lost 5% of its value in the period, moving from $5.34 per share to current prices —  losing just half of what Tesla has lost in the same three months.

The trader and analyst Jake Wujastyk pointed to an increasingly tight trading range for LCID, which could boost a “large move” for Lucid stocks.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts