"Post-luxury" EV maker Lucid just went public – and it wants to steal Tesla's thunder

Lucid dreams... are becoming reality. Luxury EV-maker Lucid hasn't delivered a car yet, but it just went public via SPAC merger, raising $4.5B in fresh funds. Lucid says its cars are "California cool" at heart, with "Silicon Valley tech" for brains (read: computers on wheels). Shares popped 11% yesterday as investors ogled over Lucid's sleek-looking EVs and battery stats.

• Lucid's first car, "Lucid Air," is on track for delivery this year. Lucid says it has already received 9K+ reservations for the EV sedan, which starts at a California cool $77K.
• Lucid's battery is expected to last 500 miles on a single charge, a market-leading electric efficiency which would beat the Tesla Model S.

Don't call it luxury... Lucid describes itself as a "post-luxury” pioneer, catering to a new generation that has evolved beyond basic luxury (must be nice). If luxury = Louis bags and Dom Pérignon bottle service, then post-luxury = sustainable cashmere and organic wine retreats in Croatia. Lucid's real business model: replicating Tesla's thunder.

• Tesla plans: Tesla's first strategy was entering at the high end of the market, then lowering costs as it scaled. Lucid's strategy: “High-end first product," then "progressively attainable vehicles.”
• Tesla vibes: At first glance, you'd probably think Lucid's cars were designed by Elon. Lucid even says one of its execs helped bring the Tesla Model S to market.