Lucid Group Completes Another Strong IPO for EV Companies

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.

 

[Dannietjoh]

It debuted back in July, what exactly is this article about? I’m confused..

 

[OxBrew]

They have delivered 20 cars so far, at $170k each.

Wish them the best, hope they can scale up into the hundreds per month, to infinity, and BEYOND!!!!1!1!!!

 

[sleepydoc]

They have delivered 20 cars so far, at $170k each.

Wish them the best, hope they can scale up into the hundreds per month, to infinity, and BEYOND!!!!1!1!!!

I know EVs are popular right now, but something isn’t right here. Lucid has a market cap of $80 billion making it the 8th largest (actually 8th most valuable) automaker in the world but they’ve only delivered 20 cars total and to my knowledge don’t actually have a production line up and running. On top of that, their cars start at $77,000, going up to $170k, meaning they have at best a limited market.

What am I missing here?

 

[OxBrew]

I know EVs are popular right now, but something isn’t right here. Lucid has a market cap of $80 billion making it the 8th largest (actually 8th most valuable) automaker in the world but they’ve only delivered 20 cars total and to my knowledge don’t actually have a production line up and running. On top of that, their cars start at $77,000, going up to $170k, meaning they have at best a limited market.

What am I missing here?

It's what you're not missing: critical thinking. If you can't evaluate a situation, you just take the PR at face value, and you see a bandwagon, hop on it!

I see no evidence they have a production line running either. Not an easy lift. Ramping up supply chains right now is nearly impossible.

I truly do wish them the best, but not optimistic.

 

[HVM]

EV maker Lucid gets SEC subpoena on $24-bln blank-check deal

The U.S. securities regulator has asked Lucid Group Inc for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell entities.

www.reuters.com

 

[OxBrew]

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EV maker Lucid gets SEC subpoena on $24-bln blank-check deal

The U.S. securities regulator has asked Lucid Group Inc for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell entities.

www.reuters.com

"The problem is a lot of these companies that have taken this approach are not far enough along to really be considered a viable company," Sam Abuelsamid, auto analyst at Guidehouse Insights, said."​

​

Exactly.​