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

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People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.

Caitlin O’Hara | Reuters

Lucid Group‘s market value blew past Ford Motor on Tuesday to $89.9 billion following a 24% runup in the EV start-up’s stock price after executives told investors that reservations for its first vehicles had jumped and that its production plans for 2022 were still on track.

The surge in the stock price also brought Lucid close to eclipsing General Motors, which has a market cap of $90.9 billion. Lucid shares closed Tuesday at $55.52 a share. GM closed Tuesday at $62.61 a share, down by less than 1%.

CEO Peter Rawlinson, in a…



Source cnbc.com

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