4 years after Ford was reportedly contemplating shopping for Lucid Motors, the EV startup is now value greater than the Detroit automaker. Lucid Motors’ market capitalization handed Ford’s on Tuesday, in the future after the startup reported its first quarterly financial results as a publicly traded firm and only a few weeks after it began transport its luxurious electrical sedan, the Air.

Lucid Motors has a relatively lengthy historical past for an EV startup because it was based in 2007 as a battery firm known as Atieva. However after a 2016 pivot to creating an electrical sedan, Lucid Motors discovered itself operating out of cash at a time when others had been beginning to take off. One of many choices it turned to was a potential Ford acquisition. From a July 2017 report in Recode:

Lucid started its fourth spherical of institutional fundraising earlier this 12 months, with the assistance of funding financial institution Morgan Stanley. Ford’s acquisition provide got here as a shock, mentioned a supply near Lucid: “The bank approached Ford to see if they wanted to participate in the Series D. They came back and said they wanted to acquire.”

That by no means occurred, although, and Lucid Motors finally treaded water till hanging a large take care of Saudi Arabia, which now owns a majority of the startup. Ford, for its half, was in a position to work out a reasonably sizable funding of its personal into Rivian — a deal it swiped out from underneath rival Basic Motors.

Within the years since, Lucid Motors spent billions of {dollars} of Saudi Arabia’s cash getting the Air EV prepared for manufacturing. The startup revealed Monday that it has misplaced greater than $1.5 billion this 12 months alone within the mad sprint to start out transport the Air to clients and has spent some $5 billion throughout its lifetime.

The inventory market — which has been extraordinarily sizzling on electrical car startups currently — rewarded that effort Tuesday, pushing Lucid Motors’ valuation to almost $90 billion. Ford completed the day at about $79 billion.

Lucid Motors nonetheless has quite a lot of work forward. The startup continues to be constructing out its new manufacturing facility in Casa Grande, Arizona, and says it plans to construct 20,000 Air sedans in 2022 earlier than including an electrical SUV to its lineup on the finish of the next 12 months. It is going to be difficult work, to make sure. In the present day, no less than, the market handled that to-do listing as just about pure upside.

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