Shares of electric car maker and would-be Tesla (TSLA -1.11%) killer Lucid Group (LCID 0.41%) scored another victory on Friday, rising 5.3% through 11:35 a.m. ET as Tesla shares skidded 1.5% lower.

And here's the real surprise: Lucid has Tesla to thank for this.

Tesla held its first "delivery event" for its new electric Cybertruck last night. Therein, CEO Elon Musk confirmed both the price for the production model of the truck (starting at $60,990, and going up as high as $99,990 for a long-range variant), and also its range -- 250 miles for the base version, 340 miles for AWD, and something like 470 miles with an optional "range extender" battery pack.

Lucid versus Tesla

Investors (and truck buyers, too, it seems) were underwhelmed. Tesla's starting price on the base model Cybertruck more than 50% higher than the $40,000 MSRP that Tesla initially promised. The range on the truck in the base model is also only half the 500 miles initially rumored. And despite apparently making every effort to at least appear to fulfill promises with the offer of a "range extender," Tesla still fell short of its 500-mile goal.

Fine. So last night's news was bad for Tesla. But why are investors thinking it might be good news for Lucid this morning?

Well basically, because Tesla is making Lucid -- and in particular, its new Lucid Gravity three-row electric SUV -- look good by comparison. Priced under $80,000 MSRP, the Gravity may undercut at least some more expensive Cybertrucks on price. And boasting a driving range "in excess of 440 miles," it would appear that the Gravity beats all but the very biggest, priciest Cybertrucks on range -- and even then, you'd need to buy the optional Cybertruck range extender for Cybertruck to defy Gravity.

Is Lucid stock a buy?

All that being said, I wouldn't get too excited about Cybertruck's deficiencies if I were a Lucid shareholder. Recall that the Gravity is at least a year behind the Cybertruck in development, with production not expected to begin before late 2024 -- and that date could be delayed. By the time actual production-model Gravities are available for sale, the price and specs on this vehicle could change -- just as they changed for many disappointed Cybertruck pre-order-ers last night.

Consider, too, that the Gravity and Cybertruck are targeting different market segments, with the Gravity more likely to attract luxury SUV buyers.

Last and most importantly for investors, recall that Lucid Group, the company behind the Gravity, is suffering from slumping sales, is losing money, and is burning cash. With only $2 billion in net cash remaining, and a cash-burn rate of $3.6 billion per year, Lucid may not even live long enough to see the Gravity go on sale.

I'm not saying that's the way things will play out. But I am saying it's a risk -- and one you should consider before investing in money-losing Lucid stock.