Lucid Motors (NASDAQ:LCID) might just be catching its breakat Tesla's (NASDAQ:TSLA) expense. According to interim CEO Marc Winterhoff, 50% of Lucid's recent orders are coming from ex-Tesla drivers. Frustrated with Elon Musk's behavior and a stale vehicle lineup, many Tesla owners are walking awayand heading straight to Lucid's showrooms. The timing couldn't be better: Lucid's first electric SUV, the Gravity, is set to start deliveries by the end of April. With production based entirely in the U.S., the SUV is being positioned as a high-performance luxury alternative that's both politically and technically compelling. With this news, Lucid's share jumped nearly 8% at 12.14pm today.

• Warning! GuruFocus has detected 5 Warning Signs with LCID.

But momentum doesn't erase history. Lucid stock is still down more than 95% from its highs, and its credibility took a hit after former CEO Peter Rawlinson resigned in February. The company repeatedly overpromised and underdeliveredfalling well short of its own targets for three straight years. Investors were told to expect 90,000 vehicles in 2024; Lucid barely crossed 10,000. The Gravity may be the company's make-or-break moment, but with an interim CEO at the helm and no clear successor, uncertainty still looms large.

There are bigger issues under the hood. Lucid remains deeply reliant on the Saudi government for funding, faces heavy share dilution, and needs to reset sky-high expectations it set years ago. It's burning through cash and has a lot riding on its next two launches: the Gravity now, and a mid-size SUV in 2026. While the Tesla exodus is giving Lucid a short-term win, turning that into a long-term growth story will take more than just a shiny new vehicleit'll take execution, discipline, and leadership the company hasn't yet proven it can deliver.