KEY POINTS
  • Lucid CEO Peter Rawlinson said there's a long runway for the EV start-up's stock and market cap to surpass traditional automakers and be valued more like industry leader Tesla.
  • Lucid's market value blew past Ford on Tuesday to $89.9 billion following a 24% runup in the EV start-up's stock price.
  • Rawlinson, a former Tesla executive, regularly compares Lucid to his former employer in terms of in-house technologies and overall development of electric vehicles.

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People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.

Lucid Group's market value blew past Ford Motor on Tuesday to $89.9 billion following a 24% runup in the EV start-up's stock price after executives told investors that reservations for its first vehicles had jumped and that its production plans for 2022 were still on track.

The surge in the stock price also brought Lucid close to eclipsing General Motors, which has a market cap of $90.9 billion. Lucid shares closed Tuesday at $55.52 a share. GM closed Tuesday at $62.61 a share, down by less than 1%.

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