On CNBC’s "Trading Nation," Todd Gordon of Inside Edge Capital Management said Lucid Group, Inc. LCID addresses a different market than Tesla, Inc TSLA.
Lucid’s market capitalization is just around 10% that of Tesla. The Elon Musk-led company has delivered over 600,000 vehicles this year versus merely 500 cars delivered by Lucid, he added.
See Also: EV Craze Alters Auto Industry Landscape
Gordon said owning Tesla shares gives investors exposure to other industries, including, energy storage, autonomous vehicles, insurance and SpaceX. Tesla is the "winner, crazy valuations right now," he commented. The company's shares have been under pressure due to Musk's recent stock sell-off.
Price Action: Tesla's shares gained 4.1% to close at $1,054.73 on Tuesday, while Rivian Automotive Inc’s RIVN stock jumped 15.2% to $172.01 and Lucid Group spiked 23.7% to settle at $55.52.
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