Hyperdrive
Lucid’s Market Cap Is Now Bigger Than Ford and GM
- Electric-vehicle startup has market value of $91 billion
- Peers also gained Tuesday, with Rivian closing up 15%
This article is for subscribers only.
Lucid Group Inc.’s rally on Tuesday added over $17 billion to the electric vehicle startup’s valuation, pushing its market cap above that of Ford Motor Co. and General Motors Co. in one fell swoop.
Shares of the EV company closed up 24% in New York, bringing its value to over $91 billion. That eclipsed Ford’s $79 billion market capitalization and surpassed GM’s, which is just below $91 billion. The surge in the shares came after Lucid said Monday it remained confident in its ability to produce 20,000 vehicles in 2022.