EV startup Lucid Motors now more valuable than Ford Motor Group
Electric vehicle startup Lucid Motors market value has exceeded Ford Motor Group to $89.9 billion, after it closed at $55.52 a share, Al Arabiya reported.
The EV startup’s market value, which is backed in part by Saudi Arabia’s Public Investment Fund (PIF), blew past Ford Motor on Tuesday to $89.9 billion and is close to surpassing General Motors, which currently has a market cap of $90.9 billion.
The recent surge of the Saudi-backed EV company comes after its CEO Peter Rawlinson said that he believes there is a long runway for the electric vehicle startup’s stock and market value to rise beyond legacy automakers and to eventually be valued more like industry leader Tesla.
