Lucid to join prestigious Nasdaq 100 Index
Just five months after going public and less than two months after delivering its first vehicles, electric luxury automaker Lucid Group Inc. is being added to the Nasdaq-100 Index.
The move is a significant milestone for the California-based company, whose cars are being built at its growing new factory in Casa Grande south of Phoenix. The Nasdaq 100 is made up of the Nasdaq’s largest and best-performing nonfinancial companies, based on market capitalization.
The automaker, which went public in July in a merger with a special purpose acquisitions company, was valued at about $24 billion after completing its merger. That market cap soared to more than $77 billion in the months since, making Lucid the eighth most valuable automaker in the world, surpassing Ford.
Lucid (Nasdaq: LCID) — which began deliveries of its Lucid Air sedans at the end of October — will officially join the new list before markets open on Dec. 20.
“We are proud to join the prestigious Nasdaq-100 Index, a recognition of our progress establishing Lucid in the EV market and our future growth strategy,” Lucid CFO Sherry House said in a statement. “Since our successful public listing on Nasdaq in July, and with customer deliveries of the Lucid Air beginning in October, our differentiated EV technology continues to drive a clear demand for, and confidence in, our products and company.”
News of the change helped give Lucid shares a bump in Monday trading. The stock closed up $1.49, or nearly 4%, to end at $39.15. Track the stock here.
That share price is still significantly lower than the high of $55.98 at the beginning of December. The stock took a 16% dive on Dec. 6 after news came out that Lucid had been subpoenaed by the Securities and Exchange Commission.
Lucid said at the time that the agency is looking into “certain projections and statements” made in connection with its SPAC deal.
The Lucid Air was named Motor Trend’s Car of the Year in mid-November.