The increase in shares comes after Lucid’s announcement to produce 20,000 vehicles in 2022 RIYADH: The valuation of the PIF-backed US electric vehicle company, Lucid, has increased to over $91 billion, 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 a growing demand for EVs, as more consumers consider adopting the technology. Earlier, the stocks of the US automaker company, Rivian, jumped 15 percent, surpassing Volswagen’s market value, while Tesla gained 4.1 percent. Success for Lucid will be a big boost for PIF’s investment strategy, but it could also have significant industrial and commercial implications for the Kingdom. Lucid, formed in 2007, initially tried to make batteries before shifting its business model to making cars. For years, EV companies weren’t en vogue among venture capitalists, and the company couldn’t find funding to build its factory. Last month, the company’s Lucid Air Dream Edition R was given a rating of 520 miles by the Environmental Protection Agency, making it the longest-range electric vehicle ever rated by the organization. The rating meant the US-based company had beaten Tesla’s longest range vehicle by more than 100 miles. Earlier that month it was announced that Lucid Motors would produce vehicles in Saudi Arabia by 2024. The company’s flagship Lucid Air model is priced at over $70,000, which is due to be launched early next year. Peter Rawlinson, chief executive officer of Lucid Motors, recognizes that the firm has some way to go in challenging Tesla, and said: “Tesla is in its pre-ascent position because it recognized that electrification is a technology race.” Lucid hopes to win the EV race on efficiency, with the firm claiming its vehicles will be 40 percent more efficient than any other electric car, traveling 17 percent further for the same size battery pack as the Tesla Model S long range. Designed to achieve more range, its battery enables 4.6 miles of travel per kilowatt hour of power, meaning a Lucid car has a range of more than 500 miles on a single charge, compared to about 400 miles for the Tesla Model S.