NIO surpasses Lucid Motors in Market cap becoming the 3rd biggest EV maker

Written by Cláudio Afonso | | LinkedIn | Twitter

On the first hour of Monday’s trading session, the Chinese electric vehicle maker NIO surpassed the U.S.-based Lucid Motors in Market cap becoming the third biggest EV maker after Tesla and BYD.

Although the Warren Buffet company recently announced that it stopped producing ICE vehicles, it is still selling PHEVs. If considering only pure EVs, the podium is completed with NIO and Lucid after the sector leader Tesla.

On Monday, NIO stock opened higher at $18.99 and immediately saw buy pressure gapping up to a new 6-weeks high of $19.80 resulting in a Market Cap value of $31.482 billion. In parallel, Lucid stock went down to $18.80 per share which, considering the 1.67 billion shares outstanding, results in a market cap value of $31.412 billion.

1. Tesla$744b
2. BYD*$211b
3. NIO$31.5b
4. Lucid Motors$31.4b
5. LI Auto*$28.8b
6. Rivian$27.9b
7. XPeng$21.5b
*BYD and LI Auto sell EVs and plug-in hybrids | Market Cap values as of June 6th, 10 a.m. ET

During the last weeks, NIO stock has been recovering from one-year lows reached on May 12. Based on Monday’s closing price of $19.18, the share price is up 64.35% but still 42.69% year-to-date.

When it comes to Lucid Motors ($LCID), the stock started being traded in July 2021, and, after being short-squeezed a couple months later among Rivian, it came back to earth to $13.25 on May 12. On Monday, Lucid share price closed up 2.57% at $19.15, 44.5% above that all-time-low.

Lucid Motors delivered 300 vehicles in April ramping up the production from the previous month, as reported by Arab News. The U.S.-based company had delivered an average of 120 units during the first three months of the year representing a ram up in the production pace in April.

Recently, Lucid Motors unveiled its plan for the European expansion announcing the first deliveries in late 2022 and the prices for Germany, Switzerland, Norway and The Netherlands. Further expansion in Europe is planned in the future, including additional Studios and services centers in major European cities and a right-hand-drive model for the UK, the company said.

The EV maker NIO will hold a conference to officially launch the new SUV model NIO ES7 on June 15, at 20:00 in Shanghai timezone. The company will start receiving reservations on the evening of the conference and the orders will start to be locked in July with the first deliveries expected as soon as the end of August.

The model will have five range versions of 440 km, 485 km, 450 km, 620 km and 575 km with three different battery packs of 70 kWh, 75 kWh and 100 kW, according to the information released by China’s Ministry of Industry and Information Technology (MIIT).

Written by Cláudio Afonso | | LinkedIn | Twitter