Lucid’s Market Cap Is Now Bigger Than Ford and GM 

(Bloomberg) -- Lucid Group Inc.’s rally on Tuesday added over $17 billion to the electric vehicle startup’s valuation, pushing its market cap above that of Ford Motor Co. and General Motors Co. in one fell swoop.

Shares of the EV company closed up 24% in New York, bringing its value to over $91 billion. That eclipsed Ford’s $79 billion market capitalization and surpassed GM’s, which is just below $91 billion. The surge in the shares came after Lucid said Monday it remained confident in its ability to produce 20,000 vehicles in 2022. 

EV stocks have been rallying amid strong investor interest, with newly public peer Rivian Automotive Inc. jumping 15% Thursday to surpass Volkswagen’s market value, while industry leader Tesla Inc. gained 4.1%. 

Lucid, Rivian and Tesla were among the most-bought assets on Fidelity’s retail trading platform all day Tuesday.

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