It's going to be a while before Lucid stock takes off, and that's just from the realities of the auto business. There's a massive capital investment needed, both for design as well as for the assembly line. Getting suppliers on-board is hard, as your initial volumes are low, there are questions as to whether you'll be able to pay your bills, and the good Tier1s have more established OEMs wanting higher volumes.
So, even if Lucid's vehicles are successes, the cost of ramping up these assembly lines will cause drag on the bottom line. In the best case scenarios, the lines ramps up quickly and smoothly as the vehicles sell like hotcakes - but, again, that takes time.
Today, even if Gravity is a big success (and I think it should be, at least within its price market), the bottom line will still be dragged down by the upcoming mid-size vehicle's assembly line build-out and ramp.
It was the same for Tesla - the Model S and Model X vehicles were considered successes, but the build out of the assembly lines, especially the upcoming Model 3 assembly lines, took time and money and the stock got hit hard for years. It was only when Model 3 volumes were being produced smoothly on the assembly line (remember "production hell"?) and sales took that Tesla turned the profitability corner. Times have changed, and that's going to be harder for Lucid to do today, as vehicle expectations today are higher than in 2017 and competition today is stronger - although Elon's political antics and statements have soured some on EVs and legacy OEMs are backing away from EVs, so maybe the competition is weaker than it otherwise would have been.
Which brings me to another point: With Tesla's yearly sales dropping now two years in a row, and the US government deciding that EVs aren't good for the country, the legacy OEMs have apparently decided to stall or at least slow down their EV offerings. Ironically, this is exactly when they should be doubling down on offering high-quality EVs at good prices since Teslas aren't selling as well and apparently Tesla isn't going to produce more affordable models. And this is good news for Lucid, too. Air already outsells Model S 2:1, and I bet Gravity will easily outsell Model X in short order. Now, Tesla has been continuing to evolve Model Y, and keeping it at the top of the heap, so Lucid will have some challenges there - the question is whether Lucid makes the Earth a better vehicle for the same money, or the same vehicle for less money. A more expensive than Model Y vehicle won't cut it, IMO, especially with FSD's recent advancements.