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Tesla rival’s market value skyrockets on production news

Tesla rival’s market value skyrockets on production news
Lucid Motors’ market capitalization reached $89.9 billion on Tuesday following a 24% runup in the EV start-up’s stock price on accelerated reservations of its luxury electric sedan, the Air.

The company’s market value closed in on GM’s and topped Ford’s. Since Lucid went public through a blank-check company deal in July, its stock price has soared by more than 80%. Shares closed at $55.52 on Tuesday.

“I think the sky’s the limit in terms of valuation, but it’s all about execution,” CEO Peter Rawlinson told CNBC on Monday night after Lucid reported its first quarterly financial results as a public company. “It’s all about execution, it’s all about scaling volume. And that’s my focus. And I think the share price lookup is a result.”

RT

Lucid was founded in 2007 as a battery company called Atieva. In 2016, the company announced plans to develop an all-electric, high-performance vehicle. Its first Air sedan, which has an industry-leading range of 520 miles, is seen as a Tesla Model S rival.

Lucid started delivering a $169,000 ‘Dream Edition’ of the flagship car to customers in late October. Reservations have now surpassed 17,000 cars, up 31% in roughly six weeks since the end of the third quarter, the company said.

This week, Motor Trend named the Lucid Air ‘2022 Car of the Year’, which is the first time for a first electric vehicle from a new automaker.

For more stories on economy & finance visit RT's business section

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