Electric carmaker Lucid (LCID) is poised to take on the Big Three, already surpassing Ford on Tuesday with its market value as its shares surged nearly 24%, closing at $55.542.

Its stock was down over 7% midday Wednesday.

The wild ride comes after Lucid announced its first earnings report as a public company, pushing its valuation to $89.3 billion, surpassing Ford. The automaker also inched close to another Big Three rival, General Motors, which has a market cap of about $91 billion.

Lucid’s call with analysts focused on its growing reservations base for the Lucid Air EV and its plans to expand production output at its Arizona plant, the Wall Street Journal reported.

The company, which reported a net loss of $524 million for Q3 due to higher production costs, and labor costs, said it raised $4.4 billion in a reverse merger deal when it went public in July, through a SPAC deal, and now had enough cash on hand for operations through 2022.

Lucid said it plans to sell about 575 Lucid Airs this year, after beginning delivery of the EV in October, according to the Journal. On Monday, Lucid said it had more than 17,000 reservations for the vehicle, which represents an order book of about $1.3 billion.

A second car model is expected to be introduced in late 2023 with the Gravity SUV.

Adding to the enthusiasm, MotorTrend awarded the Lucid Air its Car of the Year award, a first for a new car company and a debut car model.

As of Wednesday at 12:43 p.m. EST, shares of Lucid were trading at $51.55, down $3.97, or 7.16%.

Lucid Motors
California-based Lucid Motors unveiled a prototype of a luxury sedan the Lucid Air at its unveiling in Fremont, Dec. 14, 2016. REUTERS/Alexandria Sage
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