Lucid (LCID) capitalisation gains 22%, surpassing Ford
21:01, 16 November 2021
Lucid Group is trading up by more than 22% on Tuesday giving the electric car startup a $87bn market cap, which is higher than Ford Motor.
The luxury electric car maker has yet to ship a car but reported that reservations to purchase vehicles yet to be built rose to 13,000 in the third quarter. In the weeks following the quarter ended 30 September reservations increased further to 17,000.
That sent shares 5% higher in after-hours trading on Monday and the momentum has continued on Tuesday. The stock price rose to a high of $55.37 per share on the day and is set to close at new all-time highs since going public through a merger with a special purpose acquisition company in July.
EV companies riding high
It has been a banner month for electric vehicle stocks.
Electric truck and SUV maker Rivian priced the largest initial public offering of the year in November and Tesla shares rose substantially, valuing the original electric car maker at more than $1trn – joining an exclusive group of mostly tech companies with that high a valuation.
Even legacy automakers General Motors and Ford are gaining in this environment as they roll out their electrification plans. Lucid passed Ford’s $79bn valuation even as Ford shares have gained more than 50% since the start of September to a price of $19.80 per share.
Read more: Lucid (LCID) stock price climbs on reservations gain
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