Investors continue to show strong support for electric vehicle companies. Lucid Group debuted Wednesday on the NASDAQ and became the eighth-most valuable automaker globally today.
With a market cap of about $80 billion, Lucid became the eighth-most highly valued automaker in the world, topping Ford.
The strong showing comes a week after Rivian also wowed electric vehicle watchers with a market cap that touched $100 billion.
What’s interesting about the Lucid and Rivian support is that the companies have delivered few cars. Lucid said Monday it has more than 17,000 reservations for its Air sedan and plans to build 20,000 vehicles next year.
The company’s flagship Lucid Dream Edition is a $169,000 luxury sedan with an impressive 520 miles of range. An entry-level version of the car starts at $77,400, however, the company’s first run of cars will be the most pricey version.