Lucid Group (LCID) Eclipses General Motors (GM) To Become the Third-largest US Automaker by Market Capitalization

Lucid Group (NASDAQ:LCID), the retailer of Lucid Air electrical sedans, has achieved another major milestone. Just hours after it eclipsed Ford (NYSE:F), Lucid Group'due south market capitalization has now surpassed that of Full general Motors (NYSE:GM).

Source: https://www.nasdaq.com/market-activity/stocks/lcid

To wit, Lucid Group shares are currently trading at $57.90 in pre-market, respective to a market cap of $92.64 billion.

Source: https://www.nasdaq.com/market-activity/stocks/gm

On the other hand, General Motors shares are currently trading flat at $62.55, resulting in a market cap of $ninety.81 billion. Crucially, Lucid Group is now the third-largest automaker in the Us, behind only Tesla (NASDAQ:TSLA) and Rivian (NASDAQ:RIVN). Globally, the company now ranks at the seventh place.

The recent surge in Lucid Grouping shares comes after the company's earnings were received positively past the market. Fifty-fifty though Lucid missed the mark on consensus expectations effectually its revenue and EPS, the market took a favorable view of the visitor's reiteration of previously stated goals for 2022 and beyond. In its earnings release press statement, Lucid Group highlighted 17,000 reservations for the Air sedan – up from 13,000 last month – every bit well every bit the Lucid Air winning MotorTrend's 2022 motorcar of the year title. Current reservations corporeality to a futurity sales book of $1.three billion.

Bear in mind that Lucid Group aims to deliver xx,000 units next year and 500,000 units past the end of this decade. The Lucid Gravity SUV is slated for launch in 2023. While the production capacity of the company's Casa Grande facility will max out at 365,000 units, Lucid Group's CEO and CTO Peter Rawlinson disclosed in the earnings call earlier this week that the residuum capacity for the target of 500,000 units volition come from other facilities around the globe. During the call, Rawlinson too noted the positive reception that Lucid Air is garnering in Saudi Arabia, terming the response "heartening". Finally, the Lucid Air Pure version is now expected to launch in H2 2022, while the company's gross margins are expected to accomplish "competitive levels" by 2025.

Recently, Bank of America (BofA) and Citi have hiked their toll targets for Lucid Group shares. Citi analyst, Itay Michaeli, has now raised the firm's toll target on Lucid Group to $57 from $28 while terming the Q3 earnings update encouraging. Michaeli noted that the earnings update provided evidence that Lucid'southward "stiff" electrical vehicle tech credentials are generating both commercial and brand momentum.

For its part, BofA has now raised the target on Lucid Group shares to $sixty from $30. Bear in mind that BofA had dubbed the visitor a "Tesla/Ferrari of new EV automakers" and "one of the nigh legitimate showtime-up EV automakers" dorsum in September.