Yesterday scorching electric-vehicle maker Lucid gave buyers excellent news about orders for its first automobiles: They’re up one other 30% in latest months, with “vital” demand for its luxurious automobile Lucid Air. Then it hit a major milestone proper after that: Shares surged, and its market worth soared to greater than $91 billion, previous Ford’s (which is $79 billion) and Basic Motors’ (which ended the day at $90.9 billion).
Name it a reasonably stellar week for Lucid. On Monday, the corporate additionally picked up MotorTrend‘s Automotive of the 12 months award for the Air, marking the primary time the prize has been given to a first-time automaker’s very first car. As these firsts could recommend, Lucid’s car line is hardly prolific: 4 fashions of the Air—priced from $77,400 to $169,000—are it. Neither is the corporate worthwhile but; it reported $524 million in third-quarter losses, citing rising prices from elevated car manufacturing and a brand new spherical of hires.
However since going public in July by way of a SPAC deal, Lucid has watched inventory costs nearly double. Granted, its market cap nonetheless pales in comparison with Tesla’s, which has shot into the stratosphere over the previous 12 months, to past $1 trillion. However the implication is that EV fever is simply simply starting. Fellow electrical carmaker Rivian went public final Tuesday, and now, one week into its life on Nasdaq, it has a $140 billion market cap, making it extra invaluable than Basic Motors. Rivian’s IPO truly ranked as the world’s biggest of 2021, serving to to catapult it into the biggest U.S. firm with no sales.
Rivian and Lucid’s successes imply that Ford, inventor of the mass-produced automobile, is now the fifth most dear American automaker. Lucid’s CEO Peter Rawlinson had solely good issues to say about Rivian’s public debut and how he sees it impacting the prospects of EVs general. “A rising tide raises all boats,” he told the Wall Avenue Journal late yesterday. “We will co-exist very comfortably.”