Market cap: EV companies getting bigger as competition increases

Market cap: EV companies getting bigger as competition increases

CAIRO/MOSCOW: The valuation of the Saudi PIF-backed US electric vehicle company, Lucid, increased to over $91 billion last week, surpassing Ford and General Motors. A recent stock market rally added over $17 billion to its valuation, up 24 percent, Bloomberg reported. The increase in shares comes after Lucid’s announcement to produce 20,000 vehicles in 2022. This happened amid the growing demand for EVs, as more consumers consider adopting the technology. Earlier, the stocks of the US automaker company, Rivian, jumped 15 percent, surpassing Volkswagen’s market value, while Tesla gained 4.1 percent. Rivian has become the third-largest car company in terms of market capitalization, according to Bloomberg. Its value reached $150 billion. These two companies, along with Tesla, are among the top 10 largest automakers by market capitalization. As of last Wednesday, Tesla, which is almost in a league of its own, took the lead with a market valuation of $1.06 trillion, significantly higher than the second-placed Toyota, which had a market cap of 29.66 trillion yen ($260 billion), according to data obtained from the Wall Street Journal. Looking at their growth year-to-date, Tesla’s share price went up by 49 percent to close at $1,089 on Nov. 17, 2021, data from