The value of Lucid, a California-based electric vehicle manufacturer, has risen to about $100 billion, making it more valuable than heritage automakers such as Ford Motor and General Motors, two of Detroit's big three. On Tuesday, Lucid's stock jumped about 25%, bringing its market capitalization to more than $17 billion.
Lucid, which has launched its first electric vehicle to compete with Tesla, the world's largest EV maker. Lucid is currently valued more than $91 billion, compared to Ford Motor's $79 billion and General Motor's $90 billion. Lucid's shares saw quick rise on Tuesday after the EV maker said it aims to produce 20,000 electric vehicles next year.
Lucid announced on Monday that it has received more than 17,000 reservations for its first electric vehicle, up from 13,000 by September 30. Lucid currently has more over $1.3 billion in bookings. The electric vehicle manufacturer manufactures its vehicles in Casa Grande, Arizona. The plant was built in less than a year and commenced operations the previous year. The official range rating for Lucid's first luxury electric car, the Air Dream Edition, is more than 830 kilometres, making it the longest-range electric vehicle in the United States. US Environmental Protection Agency rated the Lucid Air Dream Edition with an official range of 520 miles (823 kms) on single charge. It is nearly 200 kms more than its rival Tesla Model S Long Range, which has 651 kms of range.
Peter Rawlinson, the CEO of Lucid, was previously the top engineer for Tesla's Model S vehicle. Because of its ambitions to develop electric cars with world-beating ranges, Lucid is seen as a competitor to Tesla. Lucid has proved battery technology that can compete with the market incumbent's automobiles in terms of performance. After a merger with a firm funded by Wall Street dealmaker Michael Klei, the automaker debuted on the Nasdaq in July. Lucid started producing electric cars in September, and deliveries began on October 31. The Dream Edition Air car is expected to be delivered in 600 units.
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