Electric-car startup Lucid has overtaken Ford in the market value of its cars
Electric-vehicle startup Lucid Group Inc. has surpassed Ford Motor Co. in market value, a further sign that investors are becoming more enthusiastic about electric vehicles.
In response to the release of its first financial results as a publicly traded business on Monday, Lucid’s stock rose over 24% on Tuesday to close at $55.52 a share. Since Lucid went public in the summer, the surge has raised the company’s worth to $89.3 billion, putting it ahead of Ford for the first time.
According to Bloomberg, which cited Vanda Research data, the retail audience has purchased $378 million worth of Rivian, Ford, and Lucid shares in the last week, surpassing demand for Tesla.
The two most popular equities purchased by Fidelity customers on Tuesday were Lucid and Rivian, the latter of which recently went public. While Tesla was in third place, its sales orders surpass its purchases. In addition to Ford and Gores Guggenheim, which is slated to join with electric vehicle manufacturer Polestar, the top 30 stock orders included Gores Guggenheim.
What Will Lucid Stock Be Worth In 5 Years
The LCID stock price can go up from 54.095 USD to 58.121 USD in one year.
The LCID (“LCID” ) future stock price will be 119.160 USD in 5 years.
The long-term earning potential is +7.44% in one year.
Retail traders have long been drawn to EV stocks, and several have gone public with a blank-check vehicle known as a SPAC – a move that attracts even more retail traders.
There is a long way to go for the electric car start-shares up’s and market value to surpass that of traditional manufacturers and eventually be valued more like Tesla, CEO Peter Rawlinson said in a phone interview Monday night.
As an ex-Tesla exec, Rawlinson frequently compares Lucid to his old firm when discussing in-house technologies and the future of electric automobiles. On Monday, he and CFO Sherry House both indicated that Lucid’s recent stock rise is evidence that Wall Street is already treating the firm more like Tesla than a typical automaker.
As far as I’m concerned, I believe that the sky’s the limit.”
There is still a long way to go before Lucid’s market value surpasses Tesla’s $1 trillion this year. EV start-up Rivian has a market value of roughly $140 billion after going public last week.
“Our stock price is fantastic,” House said in a joint interview with CNBC. When it comes to the current state of the company and the growth trajectory it’s on, “frankly, that’s all we have to look forward to.” As a technological firm, we’re being seen as having a platform that can be applied to a wide range of vehicles, as well as sustainable technologies.”