Electric-Car Startup Lucid Overtakes Ford in Market Value

Lucid Group Inc. became the latest electric-vehicle startup to top 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, jumped nearly 24% Tuesday to close at $55.52 a share, following the Monday release of its first financial results as a public company. The rally pushed the company’s valuation to $89.3 billion, surpassing that of Ford for the first time since Lucid’s debut on the public markets over the summer.