An electric vehicle (EV) charger is plugged into a vehicle at an Energy Absolute Pcl Anywhere charging station in Bangkok, Thailand on Wednesday, June 5, 2019. Energy Absolute, Thailand’s second largest power generation company by market capitalization, uses grants and tax breaks to get 5,000 electric vehicles on the road by next year, backed by more than 700 charging stations. It also plans a $ 3 billion factory to manufacture lithium-ion batteries. Photographer: Brent Lewin / Bloomberg, Bloomberg
The Lucid Group Inc. rally on Tuesday added more than $ 17 billion to the valuation of the electric vehicle startup, pushing its market cap above that of Ford Motor Co. and General Motors Co. in one fell swoop. .
Shares of EV company closed up 24% in New York City, bringing its value to more than $ 91 billion. This has eclipsed Ford’s US $ 79 billion market cap and overtaken GM’s, which is just under US $ 91 billion. The stock surge came after Lucid said on Monday he remained confident in his ability to produce 20,000 vehicles in 2022.
Electric vehicle stocks rallied on strong investor interest, with new public peer Rivian Automotive Inc. jumping 15% on 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.