- Lucid Motors’ stock still has a long way to go, but the company may soon be valued as its rivals.
- “I think the sky’s the limit when it comes to valuation, but it’s all about execution,” CEO Peter Rawlinson told CNBC.
- Lucid’s market value is now $ 87 billion, topping Ford’s $ 79.4 billion, but still well below Tesla’s about $ 1 trillion.
Lucid Motors’ stock still has a long way to go, but the electric car maker may soon be valued as established rivals, its executives told CNBC on Tuesday.
“I’m fine with our stock price,” CFO Sherry House told CNBC. “The rise we have had where it is today, and also the growth path, frankly, it is ahead of us. I can see that we are being considered as a technology company with a platform that can be expanded across many vehicle variants and sustainable technology. “
For CEO Peter Rawlinson, a former chief engineer of the Model S under Tesla’s Elon Musk, this is only the beginning. As a mechanical engineer by training, he joined Lucid as CTO in 2013 and became CEO in 2019.
“I think the sky’s the limit when it comes to valuation, but it’s all about execution,” Rawlinson told CNBC. “It’s about execution. It’s about scaling volume. And that’s my focus. And I think the share price spread is a result.”
Clearance stocks rose 21% on Tuesday after the luxury carmaker reported rising demand and supported its 2022 production target.
In its first-quarter results since it was announced in July, the company counted 13,000 customer reservations in the third quarter, equivalent to approximately $ 1.3 billion in business. And since the end of the quarter, reservations have grown to 17,000. The management also confirmed late Monday its previous goal of producing 20,000 electric cars next year.
Lucid’s market value is now around $ 87 billion, surpassing Ford’s $ 79 billion after it was listed just four months ago via a SPAC deal. Still, it is far from Tesla’s market value of about $ 1 trillion this year.
Rawlinson, who often pits Tesla and Lucid against each other, announced his company’s new vehicles. On Monday, MotorTrend named Lucid Air “Car of the Year”, a prestigious award in the automotive industry.
“I think the world recognizes that we have a great product,” he told CNBC. “I think everyone is aware that what I have promised would be the best car in the world. That is true. It has happened.”