Rivian Automotive Inc., another new electric-vehicle maker focused on trucks and SUVs, went public last week with a market value that quickly overtook Ford’s and has since exceeded that of GM. ![]() Lucid’s rising market valuation comes as other automotive startups are emerging to challenge the traditional car companies in the race to dominate the future of the automobile. It said it had raised $4.4 billion from a reverse merger deal that took it public in the summer and had enough cash to ramp up operations through 2022.Īlso on Monday, car enthusiast magazine MotorTrend gave the Lucid Air its prestigious Car of the Year award, saying it was the first time a debut model from a new car company has ever received the accolade. ![]() ![]() The Newark, Calif., startup reported a net loss of $524 million for the third-quarter, in part due to higher costs associated with starting vehicle production in late September and increasing its employee head count for sales and service operations.
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