Electric vehicle company Lucid Group Inc (NASDAQ:LCID) stands to benefit from rival Fisker Inc's (OTC:FSRN) declaring bankruptcy.

While Fisker's struggles could mean one less competitor in the EV space, Lucid could also get a coveted vehicle name.

What Happened: The company released the Air EV and has plans to launch the Gravity SUV in late 2024.

The EV company also plans on launching additional models in the future, including some that are cheaper for consumers.

One of those vehicles could be Lucid Ocean (Fisker released the Fisker Ocean in 2023). The car maker recently filed for a trademark for "Lucid Ocean" from the U.S. Patent and Trademark Office (USPTO), as reported by Electrek.

The new trademark filing could fail to see the light of day with Fisker currently having their model on market. Lucid has also filed several trademarks for names before that have not ended up as vehicle models.

It's easy to see that Ocean may fit in with the names Lucid is currently using with Air and Gravity. The manufacturer also trademarked Earth as a potential vehicle name.

Related Link: Lucid Q1 Earnings Highlights: Revenue Beat, EPS Miss, Production Update And More

Why It's Important: Fisker has halted production of the Ocean and no timetable has been set for its return.

Questions still linger on how companies can compete and turn profitable in the EV space, which Tesla Inc (NASDAQ:TSLA) dominates.

Lucid CEO Peter Rawlinson recently highlighted the superior technology of the company, which he said was ahead of Tesla. The company hopes to sign technology partners, which could help its finances as it continues to post quarterly losses.

Price Action: LCID shares are down 1% to $2.55 on Thursday versus a 52-week trading range of $2.29 to $8.37. Lucid stock is down 59% over the last year.