Lucid Motors And Other Tesla EV Rivals Capitalize On Elon Musk 'SNL' Appearance With Commercials

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The highly anticipated "Saturday Night Live" edition with Elon Musk as host featured comments about Dogecoin, SpaceX, Tesla Inc (TSLA) and references to The Boring Company.

People watching the show will be talking about the skits featuring Musk all week.

Viewers may also be talking about the commercials featuring some Tesla rivals that could have been trying to capitalize on fans of electric vehicles tuning into the episode.

What Happened

After the monologue from Musk, many viewers in the U.S. saw ads from Ford Motor Company (F) and Lucid Motors, an electric vehicle startup going public in a SPAC merger with Churchill Capital Corp IV (CCIV).

The Ford ad featured the Mach-E Mustang. The ad from Lucid Motors featured the Lucid Air. Later on during the show, an ad from Volkswagen AG (VWAGY)  showed its ID.4 electric vehicle.

Related Link: 9 Key Takeaways From The Lucid Motors SPAC Merger

Why It’s Important

The ad from Lucid Motors is interesting because there has been a bit of a battle recently between Musk and former Tesla employee Peter Rawlinson who know heads Lucid Motors. Musk has downplayed the role Rawlinson had at the company.

The ad featured the Lucid Air, the world’s first 500+ mile car.

“When it’s (the future) finally here, it might not be what you’d expect, it might just be better,” the ad says.

Introducing Luxury Electric. #LucidAir #FirstTo500

— Lucid Motors (@LucidMotors) May 9, 2021

The Lucid Air has a retail price starting at $77,400, and the company is taking reservations, according to the ad. Previous reports say the high-end version of the electric vehicle is sold out. Lucid will begin delivering the Lucid Air in the second half of 2021. 

Airing the commercial during this edition of "SNL" may have cost more than usual given the fanfare surrounding Musk's hosting. But by airing the ad to Tesla fans and people interested in electric vehicles, the extra dollars and media attention could end up being worth it for Lucid Motors.

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Disclosure: Author is long shares of CCIV.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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