Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle maker Lucid Motors closed 7.5% higher on Thursday at $3.85 resulting in a market cap of $8.93 billion. Peter Rawlinson, Lucid’s CTO and CEO, has recently reiterated the annual production target of 9,000 for 2024 as the company expands its plant in Saudi Arabia, a market that has become more and more relevant for the luxurious EV maker.
The 19% surge over the last two trading days allowed the California-based manufacturer to surpass the Chinese Nio and the Vietnam-based startup VinFast becoming the third largest pure EV maker.
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Tesla leads the ranking with a market cap of nearly $672 billion with RJ Scaringe’s Rivian follows with $12.9 billion. Rivian has recently reaffirmed its annual production target of 57,000 vehicles this year.
The company delivered 12,058 vehicles in the second quarter and slashed its annual delivery target by 20% to “approximately 80,000 vehicles citing “ongoing economic headwinds and uncertainties in different macro-economies”.
VinFast has recently delayed the opening of its factory in North Carolina until 2028. The construction of the plant, which was planned to manufacture both the VinFast VF8 and the VF9, is currently on hold.
In the second quarter of the year, Nio delivered 57,373 units, a year-over-year growth of 143.90%.
Last month, the electric vehicle maker delivered 20,498 vehicles as it prepares to deliver the first — and cheaper — vehicles from its first sub-brand, Onvo, in late September.
Written by Cláudio Afonso | LinkedIn | X
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