Lucid Group Inc (LCID) stock surged 5.17% in intraday trading, driven by reports of a significant increase in orders from former Tesla owners. The electric vehicle manufacturer is capitalizing on growing dissatisfaction with Tesla and its CEO Elon Musk, attracting customers looking for alternative premium EV options.

Lucid's interim CEO Marc Winterhoff revealed in a recent FoxBusiness interview that the company has experienced a "dramatic uptick" in orders from Tesla owners over the past two months. Winterhoff stated that 50% of all recent orders have come from former Tesla drivers, citing a "negative feeling about Elon" Musk as a key factor driving customers to seek alternatives.

The surge in orders from Tesla owners appears to be a result of growing discontent with Musk's public persona and controversial statements. This shift in consumer sentiment is providing an opportunity for Lucid to expand its market share in the premium electric vehicle segment. Investors are responding positively to this news, as evidenced by the stock's significant jump in value.

As Lucid prepares to launch its first electric SUV, the Gravity, later this year, the company's ability to attract former Tesla customers could prove crucial for its growth strategy. The EV market remains highly competitive, and Lucid's success in capturing market share from the industry leader signals potential for future expansion and increased investor confidence.