Lucid Group Inc. , in market trading Tuesday, became the latest electric-vehicle startup to rival Ford Motor Co . in market value, another example of how investor enthusiasm is intensifying for car companies that shun gasoline.
Stock in Lucid, a maker of high-end electric cars, climbed roughly 15% in morning trading, following the release of its first financial results as a public company Monday afternoon. The rally pushed the company’s valuation to $83 billion as of midday, surpassing that of rival Ford , which has also pivoted toward electric vehicles in recent years.
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