The market value of Lucid Group was able to exceed Ford Motor Company, reaching $89.9 billion after a 24% increase in the share price, due to the large reservations on its first cars, and production plans for 2022 are still on the right track. /p>
After overtaking Ford, Lucid is close to overtaking General Motors, which has a market capitalization of $90.9 billion.
According to Arab Net, Lucid Group CEO Peter Rawlinson believes there is a long way for the stock to overtake traditional automakers, to eventually be compared in value to Tesla.
Rolinson, a former Tesla executive, frequently compares Lucid to Tesla in terms of interior technologies and the overall development of electric vehicles.
Since the company went public through a special purpose buyout in July, Lucid's share price has risen more than 80% through Monday's close.
It appears that the contagion of rallies in electric car stocks has infected Rivian, which went public last week, as its market value rose to $140 billion.
On the other hand, Lucid started delivering its first Lucid Air last month, and the car can run 520 miles on a single charge.
The car was also named MotorTrend's Car of the Year on Monday, a prestigious award in the auto industry.
Lucid expects to produce 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue.
The company told investors on Monday that more than 17,000 pre-bookings for its Air sedan were reported by the company, up from 13,000 by the end of the quarter. The third.
