To me, this seems more credible than Faraday Future. At least they have running prototypes of a practical car, and seemingly a fair bit of unique technology. Plus Lucid/Atieva is financed by multiple sources from at least three countries (Japan, China, and the US), which means they at least had to pass muster with multiple investors. Even with the herd mentality of VCs, that's got to take more work and substance than being one investor's pet project.
I hope they pull it off but they don't have the luxury of being the only show in town for desirable EVs. So they have even less margin for error than Tesla has/had.