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Start-up EV As shares surge, Lucid's market capitalization surpasses Ford at more than $89 billion.

Start-up EV As shares surge, Lucid’s market capitalization surpasses Ford at more than $89 billion.

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Start-up EV As shares surge, Lucid’s market capitalization surpasses Ford at more than $89 billion.

Start-up EV As shares surge, Lucid's market capitalization surpasses Ford at more than $89 billion.

 

IMPORTANT NOTES

 

According to Lucid CEO Peter Rawlinson, the EV start-shares up’s and market valuation have a lengthy runway to overtake established automakers and be valued more like industry leader Tesla.

 

Lucid’s market worth surpassed Ford’s on Tuesday, reaching $89.9 billion, thanks to a 24 percent increase in the EV startup’s stock price.

 

Rawlinson, a former Tesla executive, often compares Lucid to Tesla in terms of in-house technology and overall electric car development.

 

On Tuesday, Lucid Group’s market worth surpassed Ford Motor’s to $89.9 billion, after a 24 percent increase in the EV startup’s stock price after management informed investors that reservations for its first cars had increased and that production plans for 2022 were on track.

 

The stock price increase also took Lucid close to overtaking General Motors, which has a market capitalization of $90.9 billion. Lucid’s stock ended Tuesday at $55.52 per share. GM ended Tuesday at $62.61 per share, down less than 1%.

 

In a phone interview Monday night, CEO Peter Rawlinson said he thinks the electric car start-shares up’s and market valuation have a long runway to outperform traditional manufacturers and ultimately be valued more like industry leader Tesla.

RELATED: Lucid Motors CEO says EV start-up 

Rawlinson, a former Tesla executive, often compares Lucid to Tesla in terms of in-house technology and overall electric car development. On Monday, he and CFO Sherry House both said that the company’s recent stock surge is evidence that Wall Street already sees Lucid as more like Tesla than a typical manufacturer.

 

“I believe the sky’s the limit in terms of value, but it’s all about execution,” Rawlinson told CNBC in an interview Monday night, after the release of Lucid’s first quarterly financial results as a public company. “It’s all about execution, it’s all about volume scaling.” That’s where I’m concentrating my efforts. And I believe the stock price search is the consequence.”

 

Lucid’s stock price has increased by more than 80% since the firm went public in July through a SPAC transaction, as of Monday’s closing. It is still trading below its 52-week high of about $65 per share set in February, when it was rumored that Lucid was close to a transaction.

 

Lucid’s market capitalization remains much behind Tesla’s, which has risen to more than $1 trillion this year. Rivian, an electric vehicle start-up that went public last week, has a market capitalization of almost $140 billion.

 

“I’m quite pleased with our stock price,” House said in a joint interview with CNBC. “The runup that we’ve had, where it is now, and the growth trajectory that’s ahead of us, honestly, it’s in front of us.” I see that we’re being considered as a technological firm with a platform that can be extended over a wide range of vehicle types and sustainable technologies.”

 

The Air sedan is Lucid’s first automobile. Customers began receiving a $169,000 “Dream Edition” of the flagship vehicle in late October, after commercial manufacturing began a month earlier at a new facility in Casa Grande, Arizona. The automobile boasts an industry-leading 520-mile range.

 

Rawlinson said that his aim with the Air, which he feels he has achieved, was to create “the finest automobile in the world.” The Air was selected MotorTrend’s vehicle of the year on Monday, a highly coveted accolade in the automotive industry.

 

“I believe the world realizes that we have an incredible offering,” Rawlinson added. “I believe everyone understands that what I’ve been offering is the finest automobile in the world.” That is correct. It has occurred.”

 

Since last year, Lucid has been one of a few EV start-ups to go public through partnerships with a so-called SPAC. However, unlike some of its SPAC contemporaries, Lucid is earning money and manufacturing cars. In addition, unlike Nikola, Lordstown Motors, and Canoo, it has so far evaded any government investigations into possibly false representations to investors.

 

The fledgling firm is not yet profitable and is still in the early stages of revenue generation. The manufacturer earned $232,000 in the third quarter, mostly from a battery arrangement with the Formula E electric racing league. It recorded a $1.5 billion net loss for the first nine months of the year, including a $524.4 million loss in the third quarter.

 

In July, Lucid informed investors that it intends to build 20,000 Lucid Air cars in 2022, producing more than $2.2 billion in sales. On Monday, Rawlinson reiterated the output goal but warned that the “objective is not without risk” because to persistent worldwide disruptions in automotive supply chains.

 

In addition, the business reported to investors on Monday that it had more than 17,000 bookings for its Air sedan, up from 13,000 in the third quarter.

also see source:

EV start-up Lucid’s market value blows past Ford at more than $89 billion as shares skyrocket

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