Electric Car Startup Lucid’s Market Value Now Greater Than Ford’s

Lucid Group Inc. has boosted its position in the automobile industry and overtaken Ford Motor Co in market value. The startup electric vehicle firm has gained tremendous support from investors who are favoring clean energy over gasoline-dependent cars.

With the public release of the first financial results, stocks for Lucid Inc hit a new high of 24% on Tuesday, with shares valuing at 455.52 each. The total valuation of the company came to $89.3 billion, more than Ford Motors market value. The startup is edging closer to General Motors Co which has a market worth of $91 billion.

Lucid was awarded “The Car of the Year” title by Motortrend Magazine after its efforts to challenge traditional car companies made headlines. The firms is emerging as major car competitor in the industry and is aiming to dominate the electric vehicle race. Rivian Automotive is another leading electric vehicle company which is working on manufacturing electric trucks and SUVs.

Ford’s Motor $30 billion electric vehicle investment strategy aims to build battery factories and electric pick-up trucks to position it as a leaders in electric vehicle manufacturing. The plan is expected to be implement over the next five years. A spokesperson for Ford said, “Markets are efficient over time. We expect to create great value for custo0mers and all our stakeholders.” According to Dow Jones data, Fords shares were up 125% this year, making it the seventh largest gain in S&P 500.