California-based electric vehicle maker Lucid has grown in value to nearly $100 billion, making it more valuable than legacy automakers such as Ford Motor and General Motors, which are two of Detroit’s big three. On Tuesday, Lucid’s stock jumped nearly 25%, bringing its market capitalization to more than $17 billion.
Lucid, which has launched its first electric vehicle to take on the world’s largest EV maker Tesla. The Lucid is currently valued at more than $91 billion, compared to Ford Motor’s $79 billion and General Motor’s $90 billion. Shares of Lucid were up on Tuesday after the EV maker said it aims to produce 20,000 electric vehicles next year.
Lucid announced Monday that it has received more than 17,000 reservations for its first electric vehicle, up from 13,000 as of September 30. Lucid currently has over $1.3 billion in bookings. The electric vehicle manufacturer manufactures its vehicles in Casa Grande, Arizona. The plant was built in less than a year and started operations last year. Lucid’s first luxury electric car, the Air Dream Edition has an official range rating of over 830 km, making it the longest-range electric vehicle in the United States. The US Environmental Protection Agency rated the Lucid Air Dream Edition with an official range of 520 miles (823 km) on a single charge. This is almost 200 km more than its rival Tesla Model S Long Range, which has a range of 651 km.
Lucid CEO Peter Rawlinson was previously the top engineer for Tesla’s Model S vehicle. Because of its ambitions to develop electric cars with categories that beat the world, Lucid is seen as a competitor to Tesla. Lucid has proven battery technology that can compete with the current automobiles in the market in terms of performance. The automaker debuted on the Nasdaq in July, following a merger with a firm funded by Wall Street dealmaker Michael Clay. Lucid began production of electric cars in September, and deliveries began on October 31. The Dream Edition Air Car is expected to be delivered in 600 units.