With Elon Musk creating the blueprint for success in the Electric Vehicle market, two more companies just unveiled their offerings in this burgeoning industry.


Have you ever seen the movie “The Secret To My Success”?

It’s a GREAT movie starring Michael J. Fox and Helen Slater. Can’t recommend it enough.

In the movie, Fox’s character leads a double life as a mailroom clerk and an executive in a bid to move himself up the ol’ corporate ladder—and after some bumbling misadventures, he actually succeeds in getting what he wants.

So, what was the secret to his success?

Well, for the most part, it was the same back then as it is now: it’s all about WHO you know.

It’s about connections.

If you’ve been in business for any length of time, you realize that the people you know are actually the resources you need to be successful. The hard part is making sure that you have the correct players in the correct roles to do the work to make everybody money.

But connections aren’t the ONLY way to be successful, right? There are other ways that can lead you down a gilded path.

Another surefire method is to find somebody successful – and do what they do.

Following In The Footsteps Of Giants

This may sound elementary, but it’s a tried-and-true method to succeeding at almost anything in life.

When walking an uncertain path, follow in the footsteps of those who have already made huge strides.

Once you find yourself on sturdy ground, you can blaze your own path with confidence…but in the beginning, it may be easier to make sure you’re doing what has already proven to work.

When it comes to investing, you might want to follow Warren Buffett.
When it comes to real estate, you might want to follow Donald Trump.

When it comes to online retail, you might want to follow Jeff Bezos…

And when it comes to the electric vehicle (EV) industry, there’s no one better to follow than Elon Musk.

There’s no denying Musk’s genius. He took his payout from PayPal and started Tesla Inc. (TSLA), going on to release one of the world’s first commercial EV’s—the Tesla.

However, it’s been more than a decade since Musk first introduced us to the EV, and over that time frame, he’s had very little competition.

Sure, some of the Big Boys have gotten into the fray, with offerings from companies like Toyota, Chevy, Kia, Volkswagen, Porsche, and others becoming semi-viable alternatives…

But nobody puts out volume or fosters consumer trust like Tesla.

New Kids On The Block

But that’s something two NEW companies on the scene are hoping to change.

Lucid (LCID) and Rivian, two startups in the sector, , have been making a lot of noise about the cars they’re developing…but until now, it’s all be just that—noise.

However, that all changed recently when both companies delivered their first vehicles to customers.

The two companies saw an opportunity…and it’s clear that they’re trying to follow the blueprint that Elon Musk created when he dreamed up the Tesla.

But, just like Musk’s own brainchild, the two upstarts are facing production challenges that will determine whether they’re here to stay or just a flash in the pan.

Rivian and Lucid made their marketplace debuts early this week, shipping their first models to customers, and both companies say they’re already planning to expand production.

California-based Lucid went public in July through a merger with a special-purpose acquisition company, began building its first all-electric Air sedans in Arizona in September, and started delivering them to customers this past Saturday.

That’s a one-month-and-change turnaround time—not bad for the industry—but they’re going to have to chip away at that time even further if they’re going to be any kind of competition for Tesla.

Rivian is a privately-owned company that also started production in September, but instead of sedans, Rivian is best known for its truck EV, the R1T.

Here’s one happy customer who just received his model.

So, are either of these young upstart companies ready to compete with Uncle Elon?

No, not yet…but that doesn’t mean that they won’t get there.

This will be GREAT for the industry as a whole because competition often breeds innovation.

But eventually, some may fall by the wayside.

Both Lucid and Rivian both seem to have put out solid vehicles, but the proof is in the pudding. We’ll wait till the reviews come in before passing judgement either way.

Would I invest in one of these vehicles or, in Lucid’s case, in their stock?

Maybe…but not yet.

There’re simply too many unknowns to make a decision right now.

But things can change quickly. We’re talking business and Wall Street here, where the ONLY constant is change.

Anyway, congratulations to all the new owners!

And here’s to hoping both companies’ reality meets their expectations. I think it’ll be good for Elon Musk to sweat a little bit…

The guy makes success look too easy.

 

“Failure is an option here. If things are not failing, you are not innovating enough.” – Elon Musk