Lucid Surpasses Nio to Become the 3rd Largest Pure EV Maker

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, reiterated the annual production target of 9,000 for 2024. The company has expanded its plant in Saudi Arabia to meet demand. Lucid Motors is now the third largest pure EV maker, surpassing Nio and VinFast. Tesla remains the leader with a market cap of nearly $672 billion. Rivian follows with $12.9 billion and is targeting annual production of 57,000 vehicles in 2021. Nio delivered 57,373 vehicles in Q2, a 143.90% year-over-year growth.