Tesla uses terms such as "insane" and "ludicrous" in reference to their cars, which basically appeal to one's emotions rather than logic. While we know nothing about their cars yet, the name "Lucid" implies clear-headed and logical thinking as the focus of their corporate DNA.
When I first heard of the name change to Lucid, I immediately thought it was a sly dig at Tesla and its use of playful terms to define some of their cars' signature attributes. The "insane/ludicrous" Tesla is subject to the whims of its mercurial CEO; it is a shooting star that burns brightly, but will soon fizzle out. The "lucid" car company may lack the glitter, but will be logical, methodical and dependable over the long-haul. The anti-Tesla EV company.
