“Sitting idle” aptly describes what’s going on with Lucid Group (NASDAQ:LCID) stock right now. Although it has moved higher in recent days, shares in the early-stage electric vehicle maker remain rangebound, moving between $15 and $20 per share.

In the short term, this could continue. While shares in established EV maker Tesla (NASDAQ:TSLA) may soon be ready to leave the charging station, it may take longer for Lucid to get out of its own slump. Falling short of expectations with production/deliveries, Wall Street will likely maintain a “show me” stance for now.

Even so, that doesn’t mean you should throw in the towel. Given the performance specs of its vehicle, when it gets over production hiccups, the demand will be there. It still has a strong chance of becoming a “Tesla killer.” With this, it remains a worthy EV play.

A Closer Look at LCID Stock

As with other EV stocks (including Tesla), overall market sentiment will likely continue to weigh on Lucid Group in the immediate term. Beyond the next month or so, a shift in sentiment for growth stocks at-large hinges heavily on how things shake out with inflation, interest rates and recession risk.

That said, even if the macro situation improves and growth plays begin to recover, that may only go so far for LCID stock. Tesla, which is already delivering more than a million EVs a year, is well-positioned to keep “crushing it,” helping to fuel a rebound for its shares.

Lucid, on the other hand, still needs to redeem itself. This year, it has seriously underwhelmed investors with its slashing of production goals. The market is highly skeptical that this company will ever live up to the promises made when it first went public. Investors are also concerned about the impact of future dilution on future upside.

As InvestorPlace’s Eddie Pan reported last month, the EV maker is looking to raise up to $8 billion over the next three years, via a shelf offering. However, while the short-term could remain disappointing, I wouldn’t jump to conclusions about the long-term.

Performance Specs Point to a Lucid Comeback

A rebound for LCID stock looks questionable to many, but there remains a strong chance of it happening. Maybe not within a quarter. Maybe not even within a year. On a multiyear timeframe, it’s attainable.

It all has to do with the performance specs for Lucid’s vehicles. As discussed in a recent “buy” rating issued by R.F. Lafferty’s Jaime Perez, this EV contender has a “key differentiator” in its battery pack technology.

Thanks to its efforts in building a better battery, the Dream Edition of its flagship Air luxury EV offers greater range and horsepower than its Tesla-built counterpart.

These impressive performance specs may be enough to make its model popular among high-end EV buyers. With more capital raised by its shelf offering, it may be able to get over its production headwinds. After this, deliveries and sales could take off in a big way. Especially as EV adoption accelerates in the coming years.

If it successfully sells into the demand, Lucid will get its “Tesla killer” status back. It will have demonstrated that it’s on track to deliver on its past promises. In turn, shares will make their way back toward past price levels.

Bottom Line on LCID Stock

Uncertainties, both macro and company-specific, are keeping Lucid shares down at present. Unlike Tesla, it may take more than a quarter or two for this EV maker to prove its skeptics wrong and for renewed enthusiasm for its shares to arrive.

This, however, may work to your advantage, if you choose to buy it today. A change in the market’s opinion of it is what’s required to move it higher.

But far from a tall order, making this happen is within Lucid’s reach. Given its vehicle specs, the company has a formidable competitor to the current market leader. Once production issues are behind it, it may have little issue finding demand.

If this plays out, the take on LCID stock could go from “Tesla wannabe” back to “Tesla killer,” enabling it to make an outsized move higher.

LCID stock earns a B rating in my Portfolio Grader.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.