Lucid Group Inc. , in market trading Tuesday, became the latest electric-vehicle startup to rival automotive icon Ford Motor Co . in market value, another example of how investor enthusiasm is intensifying for car companies that shun gasoline.
Stock in Lucid, a maker of high-end electric cars, climbed roughly 15% in morning trading, following the release of its first financial results as a public company Monday afternoon. The rally pushed the company’s valuation to $83 billion as of midday, surpassing that of Ford for the first time since Lucid’s debut on the public markets over the summer.