garret, you have a buy on a lucid. call $65 is your price targeted but when it comes to fundamentals, what are you looking at when it comes to a market value of roughly -- >> we think lugscid checks all e boxes when it comes to staying power. we like that they're targeting the luxury market. so, they don't have to sell a lot of cars in terms of volume for the business plan to work. they're targeting sales of 20,000 vehicles next year. they're almost there in terms of the reservation count and they want to grow to 135,000 in 2025. so, we think that's very achievable, especially considering the quality of the product and the speck. just named motor trend car of the year for 2022. and the company made history, in terms of being the first auto maker whose initial model received that prestigious award. you look at the specks of the vehicle and it's the first electric vehicle we've seen where the specks are really on par or superior to a tesla product, in terms of single charge charge range, 1100 miles and over 1100 horse po

cannot work with lucid if you are a creator, science, technologist, a designer please come to lucid.too late? >> no, no. join us to save the planet. >> lucid motors. congratulations on motor trend. >> thanks. thanks so much thank you. >>> coming up, china, chip shortages and churning competition has caused a topic for intel. cramer finds out how the silicon valley stall wart plans to crack that next. wart plans to crack that next. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> all right. what's it going to take to turn intel around and has it started to turn already? they have been struggling for years. but when the ceo took overnine months ago, he came out with all sorts of plans to stage a comeback they still have some execution issues but more importantly find out how much these projects will cost i'm not talking about 25, 28 in capital expenditures wall street cut the shock. it didn't help intel gave

but we need to remain lucid.n i lucid. and i think the architects of the paris — lucid. and i think the architects of the paris agreement _ lucid. and i think the architects of the paris agreement is _ lucid. and i think the architects of the paris agreement is about - the paris agreement is about lucidity~ _ the paris agreement is about lucidity. basically, _ the paris agreement is about lucidity. basically, new- the paris agreement is about lucidity. basically, new data, the paris agreement is about - lucidity. basically, new data, new science. — lucidity. basically, new data, new science. it's— lucidity. basically, new data, new science, it's urging _ lucidity. basically, new data, new science, it's urging us— lucidity. basically, new data, new science, it's urging us to - lucidity. basically, new data, new science, it's urging us to make i science, it's urging us to make targetsm _ science, it's urging us to make targets... because _ science, it's urging us to make targets... because the - science, it's urgin

maybe they were wrong in the long run on that what do you think about lucid?s the trade >> it is tough -- preinvest knew, i think they -- lucid air, a car that was "motor trends" car of the year it is amazing. they're going after this luxury, high-end target audience it is a high-performance car it starts at $75,000 think the one they tested at "motor trend" was $170,000 so certainly not -- 520-mile range, and this thing has like 1,100 horsepower. i don't know what you do with that they say it is a very efficient car though they have about 111 to 130 miles per gallon equivalency that's like taking combustible engine miles per gallon, and comparing it to the other models they have a higher mile per gallon equivalent against tesla. the chart broke out. 29 was obviously the breakout. it hasn't looked back since. i don't own it, i own tesla. a large valuation for a company that hasn't delivered maybe 500 cars right now so very expensive. forward earnings and the forward multiple is too much for me. i'm going to watch if we get a pull back i will consider it but no

lucid makes the ev pickup trucks and suvs lucid makes the high end air, carve the year they're telling investors reservations for first vehicles jumped and production plans for the year are on track. today's gain gives it market value of $87 billion just blew past ford's market cap. michael whelan covers the sector, spoke to the lucid ceo last night, joins us now michael, lot more orders than people were expecting i guess. >> yes, kelly. peter was happy when i talked to him, ceo of lucid. he said the sky is the limit for the valuation of the company and stock. we're seeing a lot of that today. honestly, talked to some investors that think they don't see an end in sight because of the ev hype going on, seems to be endless supply of funding for these companies and startups that are going all electric. >> let's talk about how many cars they can make, michael. it is not about demand for evs that can put up impressive numbers, we should expect demand to be strong how quickly can they make the cars, atwhat profit margin. >> that's a problem since tesla or any other automaker ramping up produ

you know who would like a lucid? >> you would look great in a lucid. >> what if i said i like the tesla truck thing? >> when does that come out? >> that sounds really cool. >> bay area traffic. bye. >>> keep dreaming. let's get you into the microclimate forecast. you can see out here across the bay, this is what we are tracking right there. it's a cold front. it's not a strong storm. it's going to offer clouds and some showers as we head through the next 48 hours. i want to take you into tomorrow morning. it's going to be a stark contrast from all of that amazing sunshine we had today. check it out. this is the reality. 7:30 tomorrow morning, no need for any sunglasses. watch this. we will advance it through the day. there's no break in the cloud cover. overcast day expected as you move through tomorrow ahead of the storm system. on top of it, we have had our jackets out, especially if you are up at 6:00 or 7:00 in the morning. another day for that. upper 40s and low 50s. 49 for the tri-valley. east bay, 50. for nort

lucid. let's run a sound bite from the fantastic interview you did last night. >> thank you >> and, you know, if i was an analyst in this space, i'd be asking fundamental and profound valuation questions. i'd be asking, who amongst the companies actually creates all the technology it has. who manufactures it all in house? to the best of my knowledge, there are only two companies that design, develop and manufacturer all that tech in house and those two are tesla and lucid. >> questions before i went to bed and i found myself looking at my e-mails and talking to people and the one that was most telling was my daughter who said, dad, are you selling lucid cars for the man i mean, dad, it's just a car now, she's a 30-year-old person of purpose, but my lawyer called me and many viewers sent me e-mails and said, look, they have 17,000 reservations who are you to anoint that valuation? and what i came back and told this person, i am reporting. i'm not saying it is worth it. >> you have to you call

lucid is now worth more than ford and gm. david solomon warns that greed is outpacing fear, and it will not last. from new york, i'm alix steel, with my cohost in london, guy johnson. welcome to "bloomberg markets." it is the rivian, lucid nuts rally, but it is also retail. target not great, tjx really good. guy: it is worth paying attention to because it goes back to the narrative we have been talking about for some time. what happens with the supply chain story? if you are indicating that you are having any issues in terms of margin compression, the market is punishing you. the walmart numbers looked pretty solid yesterday. compare and contrast with home depot. no problems there. they can pass it all on. margin squeeze is where the issue is for retail now. alix: the home goods segment, on the home depot/lowe's conversation, was up 34%, as the refurbishing story continues. you are welcome, tjx. guy: it is funny. we have been having this conversation over the last couple of days. i don't know anybody that isn't spending money

look at that rivian and lucid pulling back. is that allowed?was rivian's first down day ever, although it has only been a week even with the sell-off, these stocks have been hot let's round it out phil has the ev on some red-hot names. >> they are still hot. when you look at the market caps of rivian and lucid and compare with gm and ford, they are still trading at lofty valuations. rivian briefly passed gm for a brief market it is still a higher market cap than ford. lucid opened factory zero. this is their first ev only plant. a few years ago they were building chevy impalas now they are building the electric hummer. and earlier today the president told us this is just the beginning of more evs to come. >> we have close to half a million people who raised their hands for hummers and lyrics, and this is just the beginning >> general motors plans to sell 30 evs when they ramp up time and again they believe they will surpass tesla in terms of market leadership on electric vehicles the president of the united states took the hummer ev for a ride

we'll talk to the chipotle ceo and jim cramer tested the lucid new car. join with us the drive and the stock. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing customers our best deals on every iphone, including up to $800 off the epic iphone 13 and iphone 13 pro. every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees

>> oh, yeah and lucid. lucid is my favorite ev pick. i was in that for the ride up here this week. i got out of about half of my shares on monday because i was trying to take up my principal and get down to money but i love this , i love the way that company is and that is actually the technology leader ahead of tesla in terms of battery and making the car lightweight and they are catering to the high end so not competing with tesla for the same customers because tesla is competing for the high end and medium-to-high end where this is strictly high end stuff with lucid. liz: lucid is down 14% today but already, you know, phil you're looking at some of these names that lucid is up 349% year-to-date, but a quick mention on gasoline prices, phil we're still watching that we're watching the oil. >> i demand an investigation, right? you know, first blame opec, that didn't work, now let's blame the oil companies, you know? listen, the biden energy policies a mess right now. we are getting a little bit of a break because of this threat of a release. if it happens it'll only be a short-ter

we have rivian, we have fisker and we have lucid.as tim. >> caller: hey, boo-yah, jim this is tim. 32-year retired veteran. great to hear from you >> thank you for your service. wow, that's a long time. thank you. >> caller: hey, artillery all the way. jim, i'm looking for long term investment of the stock evgo >> this is a tough one tim, this is a tough one i tell you why lets be clear about it, all these stocks had another major run up. just a huge run up and when we have gotten involved in these after the runs, it has always crushed us. i don't think this time will be any different. let's go to brian in florida brian. >> caller: boo-yah, jim. >> boo-yah >> caller: i'm looking for a recovery play in hp caught my eye. what do you think? >> i didn't like the way they did their big refinance. that one haa major run from the bottom, it's just not a great one. look, the recovery, letter o, i think letter o might be better for you as a recovery play and it's got a 4% yield. and that, ladies and gentlemen, is the conclusion of the lightni

overtake now overtake vw and ford lucid surpassed ford after ordersfor the first car jumped to 17,000rket cap $91 billion about $12 billion more than ford >>> three of china's biggest tech giants. baidu, alibaba and jo.com. some investors have been shying away check out the k web down more than 30% this year is it now safe to dip your toes back into those waters let's get to cirrus. talking the k web. down about 30% the last week up about 5%. are investors now thinking they've been told now the chinese policy to ensure social adhesion and income and things that keep the communist party in power. in the long term, if you believe china is going to be the global superpower by 2040 and you are purely motivated then you have no option to get into the market now because it is relatively cheap. >> huge chinese techcompanies showing for the regulations that had come down hard on them that share price has become more well positioned. is the risk of regulatory crack downey less in the west. these kind of privacy issues could be a regular torry crack down in the west china has shown there can be

you have the stops with what is happening with rivian and lucid. when he for hours the bloomberg new economy forum will be continued. lots of fun earnings. the video will be interesting, particularly with its takeover of arm in the u.k.. fed speakers mary daly, raphael bostic, and charlie evans coming up in the next when he for hours. guy: no powell, no-brainer. alix: interesting. guy: we wait at the residence discretion. the turkish lira has been punished. president erdogan seems to believe interest rates need to go further down. eurozone new car registration, keep an eye on that. that will give you a good sense of where we are the consumer. macy's, kohl's, we get applied materials as well tomorrow. vincent reinhart will be joining david westin next. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden is on his way to michigan to the gm

tesla is up about 3.5% another easy name in the green, lucid. target for next year you can see those shares are up 6.5% as well as the ev space in general continues to rev higher. >> meanwhile, let's get a news update >> hi, carl, good morning. here's what's happening at this hour flooding is getting worse in the pacific northwest. parts of washington have gotten six inches of rain since saturday with some areas under five feet of water it's inundating homes and businesses and submerging cars >>> russia says the weapons test has not effected the international space station. they were accused of creating a dangerous debris field russia denied this strike, despite having to stay in their capsule after it was conducted >>> and pfizer allows generic versions of covid pill to be made and they'll work to drive down prices and increase supplies >>> and the american journalist jailed in myanmar for six months is finally back home getsing big hugs from his parents at new york's jfk airport. the first thing he'll do is get a shave and a haircut. back to y

saying that ford -- >> did you say yes you said yes. >> yeah, look, lucid, i love the lucid, but ford had as anime heing quarter. they instituted a dividend >> ford han an incredible call. >> thank you very much. >> you're welcome. >> exboosted its different. >> a lot of this, too, the jonas note is about valuation. >> we need more jonass jonas is thought provoking you know, i think what he does is gets you to think, okay, you want ev? how about quality ev i think that i was very -- >> i hear you. i hear you. >> are you buying what i'm selling? >> back to europe original point on tesla, the stock was $800 in the middle of october. here we are now at 1114. so that's about $314 billion, it's pretty easy -- $314 in market value -- >> how many fords is that? >> at least two in one day last week. >> it might be about five. >> it's part of an ongoing debate whether they will ever face competition piper's point is that all the model to date have not made a dent, but roth said last week, for example, the idea they're never going to face a real competitor is specious. >> i think the idea they

todaelectr cars like the new lucid air of luxury.miles of range is the closest thing is like 400. this is off the charts. >> reporter: ed loh is with motor trend which named the lucid air the 2022 car of the year. >> it has an astonishing amount of horsepower. it can get up to 1,111 horsepower. zero to 60 in 2.4 second. >> reporter: from cars like licid to well-known brands, the auto industry is embracing battery power. there's now an electric mustang, ford pickup truck, and the president recently took a spin in gm's new hummer. >> like something else. >> reporter: most electric vehicles need to be plugged into a charging station to get powered up, but this new truck captures the power of the sun. the solar panels can augment battery power adding about 30 miles after eight hours in the sun. >> it's going to be something which is going to be giving that extra range for customers on a daily basis. >> reporter: electric vehicles only account for about 2% of total u.s. auto sales. but that is changing. >> it's inevitable that we're going

." > >>elecictr car company lucid isetngti big props as plug-in vehigecle t more popular.oinrng anchor anamda arstrantino takes a clos er look. >>epteorr: at the los angeles au tosh ow, eltreconic power is takienng ctestr age as the ectricrs caoffer modern luxury, the latest techcal ni and aveltr nglo dicestans ona single cha rge. cl 520 s mileranged is e th osestht ing, isth isoff the charts as the other closest thing is 400. >> repr:orte tomor trend named h e cilud air car of the year. >>on astisnghi horsepower , it can t geup to 101,011 --zero 6to0. >> reporter: towell-known brands to lucid, the auto duinstryis emacbring battery poweasr there is an eltrecic stanang d ford piupck truck. and the prenesidt recently to ok a spinin gel neramotors' new hummer stmo electric veeshicl edne to be pluggedto in a charging statioton get powered up t bu is n tewruckal so esus e th power of the sun. the solar panelson the edison refutu c anaugment battery por,dd aing about 30 mis le after eight hos urin the n.su >> it will be mesothg inthat will be gi vingth atextra ngrae focur stomer

things like 0 to 60 in 2.4 seconds. >> reporter: from new cars like lucid to well-known brands the autong battery power. there's now an electric mustang, ford pickup truck, and the president recently took a spin in gm's new hummer. >> that's something else. >> reporter: most electric vehicles need to be plugged into a charging station to get powered up. but this new truck also captures the power of the sun. the solar panels on the edison future ef-1t can augment battery power, adding about 30 miles after eight hours in the sun. >> it's going to be something which is going to be giving that extra range for customers on a daily basis. >> reporter: electric vehicles only account for about 2% of total u.s. auto sales, but that is changing. >> it's inevitable that we're going to move to electrification. >> reporter: there are a slew of startup companies introducing new vehicles, and many of the world's biggest automakers are promising to give up gas engine and accelerate the move to green power. anthony pura, cbs news, los angeles. >>> and that's the "overnight news" for this thursday. repor

lucid's cars will sell out and ford's aren't.would be worth more if they shut down everything but ev, the stock would be worth more than lucid. so the invests was 7:45 our time, which means you were watching 4:45 your time, are you getting up at midnight >> i had to go over at nvidia at 1:00 a.m. here, just because i found that jensen was on his way that -- it was frightening he said, i hope that helps i don't think -- it's one of the biggest industry that is doesn't exist yet, but i'm telling you it will be it's like i'm listening to the world's fair 1964 when they talked about the picture phone he 's pixie--ish. he really wants you to go on husband journey, but his journey is some place we're just not smart enough to go to. >> i know you've loved this stock and you're right is there a point where it could be too placy for you >> $10 trillion? >> not too far off >> he's thinking about 2040. he has a road map to 2040245 envisions things like the protein sinthesis industry. >> is he a key man that's maybe a big man that's a factor

on that earnings call though, lucid confirmed more than 17,000 preorders for its luxury air sedan. it confirmed the production target of 20,000 vehicles for next year. it also has a industry leading range of 520 miles per charge, but these vehicles are a lot more expensive than some of the other evs on the market. and with that latest surge for lucid, it has a market cap of nearly $90 billion after yesterday's close. that brings it ahead of ford and just neck-and-neck with general motors there. rivian's market value soared past both legacy automakers when it went public last week. the market cap at the closing bell yesterday, almost $147 billion. but look at the number of vehicles that those companies have actually delivered? not nearly as many as general motors, ford or tesla. rivian delivering so far 156 of its trucks, most of those to employees. we put a slash there next to lucid because they are not even saying how many vehicles they have delivered so far. meanwhile ford, general totetores, they have laid out their plans to go electric as well. albeit in the distant future. 203

we also thing there's an 85% chance that apple could partner with the likes of vw, lucid, ford, or gm than do it themselves. alix: dan, thank a lot. thank you for jumping on with us. katie koch of goleman stocks still with me. -- of goldman sachs still with me. do you play tesla? katie: right now, 5% of auto sales are in ev, but it is really important for people to focus on this. we are at an inflection point of x been into growth, and a lot of the things happening in the market right now is the market trying to price that which is actually really difficult to do, but it is really any cripple inflection point, and the bill is going to help this because what we are seeing is the cost curve inflect. when that happens, that is when you get explosive innovation and explosive growth, and the cost curve, just to put that into context, we are now almost at cost parity between a traditional ice and electric vehicle. so taking a step back, how do you play this space? we talk about the pure play ev companies. the second area to look would be the traditional auto companies. can they actually tra

then check out shares of ev maker lucid.cnbc contributor good morning to both of you. amy, you live in the derivatives markets, but what does this say? >> andrew, look, tesla is always special, particularly in the options market look, we have seen very heavy call option buying, you know, that may not necessarily be the only contributor, but definitely on the margin, does impact the market particularly with retail. that drives up the scenarios which, you know, you don't hear about until you do, like gamma squeezes i think that does contribute to some of the recent moves how much of of that is playing -- >> one snowballs on the other. the new from hertz, of course, was the initial driver, but then what you have happening is people start not only owning shares, but trying to leverage on top of that, so the way we measure that with equity skew in the market, we saw it move rapidly. went from very high, showing very bearish demand to going almost negative. that means it is impacting it, even along with fundamental investing. >> c

phil lebeau has all of those moves for us >> as rivian and lucid shares pull back, we are seeing a bit of a change when it comes to market caps for the auto sector. take a look at the top four, if you will, among the u.s. automakers you've got tesla no doubt at the top. rivian has pulled back gm is clearly the third largest in terms of market cap and lucid, while it briefly pulled ahead of general motors, it has now pulled back about an $85 billion market cap one reason why shares of lucid have cooled off a little bit today, a note from adam jonas and morgan stanley he said let's hold on a second, let's not get too excited about this stock now he did raise the price target, but he raised it to $16. and where's the stock trading at right now? somewhere in the $50 range so that stock down about 5% today. meanwhile, as you mentioned, the president is in detroit. he will be touring general motors' factory zero now this is the old assembly plant, used to build the chevy impala, other internal combustion engine vehicles now it will build only electric vehicles including first ones to come of

maybe lucid can make it. and then there's the third possibility.s turn out to be modern visions of qualcomm, a stock that people thought was going to trade to $1,000 in 1999 or how about cisco, which was the biggest company on earth with a $400 billion valuation. a level that it still hasn't returned to more than 20 years later and won't this evening qualcomm and cisco survived and thrived. still, it took decades to be fulfilled and the momentum traders got eviscerated. remember this phrase -- the dot com bulls were right about what the future would look like, but they were way to optimistic about the timing so what co-you do? if you you're lucid or rivan, you have my messing. but take half off the table. but remember, you're playing momentum, not car companies and not technology in that case, it's better to ring the register early and often. then if you want electric vehicle exposure, i have an idea i say buy some ford. now, that sells at ten times earnings, and they make and sell a lot of cars and they make a lot of money it needs the money becau

the year. >> that's wee we're going there tomorrow i think lucid is the great luxury ev. i they 0 to 80 in something like 6 or something >> jim, it's the first time a first model has ever been car of the year we talked a lot about the stock itself which has just been a great one to own. >> i do wonder at a 71-plus billion dollar market value, very close to your favorite company, ford's market value. >> these are not tech -- these -- technology car, not internal combustion engines. if you said -- it's almost at if ford were to close its combustion engines carl, i tire of the deal after deal after deal that makes it seem like all of these will have a lot of business. they're not. rivian, big institutions seemed to have gotten all they need now that one is at the mercy of the people who bought it so it's lucid's time again lucid tomorrow i know peter rolofson is not at all promotional. [ laughter ] >> longer range, and year one, as they would say. >> that's all true, it would appear at this point it's a very high price point jim, where the dream, or -- you're starting at 80,

so is fiskars, so is lucid they don't have the legacy issues to deal with. >> let me move to josh lip ton as we continue to follow the story around blizzard. the shares are off nearly 6% and you are learning more, josh. >> scott, a quick update we were talking about activision it looks like the ceo posted a video message to his employees, the company posted a transcript as well. in that statement he apparently said, quote, we've taken meaningful actions to improve our company and our culture. but there is more to do to become the model workplace we all aspire to be more change is required but i am so confident we will get there. scott, back to you >> i know we will follow that story. josh lipton, thank you we will take a quick break here. john will do "unusually activity" and he will do it next get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. esg is responsible investing. that's decision tech. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance.

but i'm seeing lucid and i've got to tell you. >> you're talking to the ceo this week. >> yes, i'm going out there. peter rolinson literally threw me and i fell back -- >> you were wearing a seatbelt, right? >> it didn't matter. when you go 0 to 80, you're talking about going to the stratosphere he has the ultimate luxury ev. you don't think of that when you think evs. his vehicle reminds me of the top of the line bmw mercedes that's very exciting because i think you need some diffrenshiator and it is that he has the luxury ev. >> so where does that sit? tesla was thought of to have the luxury ev but now moved more into the main stream >> exactly >> you've also been pretty bullish on some of the traditional ones ford, i know you love. >> ford, look, because of the f-150 lightning. now, ford does have problems in getting product. i ordered a maverick, which is their mini truck in march. well, i'm going to get it in march. >> one year later. >> but that's the chips and trying to get it so it has epa regulation so say 40 miles plus. deidre, this is a remarkable time because you either are i

. >> as you know, it's been a wild week for evs with names like lucid.ping ford's market valuation and you know, what's interesting steve is that you've got morgan stanley's adam jonas. he is right up at the top of the list in terms of most respected analyst in this space. he's skeptical on where lucid's market cap is and where it could end up being and this after rivian is, what? i don't know $108 billion at this point or wherever that one currently sits at, and i know you've been skeptical, too should we be paying closer attention and if people are looking for froth in the market. is this the place where it begins and ends? >> you know, it isdefinitely a lot of froth and i thought about that question quite a bit. is this a warning sign that maybe things were getting too rich and a little too crazy and this is euphoria where i come out on is that this is rather isolated, number one and number two, i think that we are seeing a smaller segment of buyers than we saw in '99 and 2000 where it's ubiquitous that are doing these kinds of things so i'm not worri

, it's going to be good for lucid and the environment, but i never bought a stock because it was going to be good for the environment. now it's front and central they're all rating it. soon the s.e.c. is going to rate it it's not green wash. people want to buy when one says we're going to be highly rated, people don't care. people are less interested in eps and more interested in h hydropower. >> that's why on every call you have everyone talking about cfg. >> carbon-neutral when >> ebay is talking about it. >> everybody does. nucor, largest steel company. >> because there's a lot of capital that's been tagged for deployment in these areas. >> if you google stock, there's an outfit, cdp, and it tells you what the grade is. they get an "a." paypal gets a "c" because they haven't entrusted the issues do you really think paypal is a major source of evolution no no, i don't. >> they get a "c." >> i don't know. by the way, we cannot rely on many of these metrics. >> delta says they're the most. >> right we need a much more uniform approach where the s.e.c. gets involved they're judging on a

take a look at lucid stock, as it jump, the ev start-up says it now has more than 17,000 reservations's up from 13,000 in the third quarter, and it also reiterated 2022 production targets. lucid is jumping 20-plus percent right now, and is up more than 80% since going public via spac in july, despite reporting a net loss of $1.5 billion through the first nine months of the year but when it comes to ford, lucid's market cap now stands at $88 billion, fords? $77 billion. meanwhile, the battery and rivian stock just keeps going and going and shares of the ev truckmaker that has amazon and ford as investors is jumping 14.7%. this ones gained 60% after going public november 10, in the biggest ipo of the year, at $145 billion, rivian's market cap is now bigger than volkswagen, yeah, the market cap there, 93 billion. let us remind you though, because we care about you as an investor, you should know, rivian has to date only manufactured about 150 vehicles and is not yet profitable. and what's an ev stock-fest without tesla. tesla near the top of the nasdaq 100 just a day after a big short in

lucid i think around 72 billion, 79, where you are seeing tesla, rivian and ford, then i said lucid isround $72 billion, $73 billion. you guys, kelly, i'm not surprised we are seeing as much excitement as we are surrounding rivian we are hearing from people on social media saying, look, they're only going to sell -- they've only sold 1,500 vehicles, these guys are not turning a profit, they will lose more than a billion dollars for a third quarter. it is a wacky valuation. i'm not going to comment on the valuation. way will say is within the auto industry, this is not considered as a johnny come lately, a company that will flame out. many believe it will be around now, whether or not it is as successful as tesla, no way of knowing. no knowing what it will be like in five years, but the feeling is that these guys are the real deal, at least when it comes to electric vehicles, and they will be around and will be a player in the future. >> and we should note -- well, the first point you made everyone should be aware of is these cars are already on the road yes, they're very small but not

you have new start-ups, rivian, ufr talked about them and the lucid had the motor trend car of the year with their vehicle and cadillac has a an ev and daimler, they have evs coming and they'll have a dodge muscle car. volkswagen has the iv-4. coy go on with a laundry list of them. as you could see, next year or two we're going to see a lot of electric vehicles an the big question is there is a market for them. >> aand president biden believes there will be. his executive order from earlier this year on clean cars and trucks just want to read from it. that order saying america must lead the world on clean and efficient cars an trucks and that means bolstering our domestic market by setting a goal that is 50% of all new passenger cars an light trucks sold in the year 2030 but zero emission vehicles including battery electric and plug-in hybrid electric and fuel cell electric vehicles. is the industry ready to meet a goal like that? >> the operative word there is goal and if you listen to gm, they have the operative word as aspire. they aspire to be all electric by 2035. people are using

rivian and lucid, they're on fire.ks off their illinois plant. that's driving the stock price crazy. rivian will be bigger than ford an gm by the end of the year. both of these companies have not delivered any vehicles he yet to the general public. so this is amazing but we're seeing the beginning of the ev industry and especially with the california mandate of by 2035 for no gas, no diesel cars. it's going to be a boom for the next 10 to 15 years. maria: sounds like you would buy the stocks then. >> i would definitely be looking at them along with the mix with tesla and looking at ford given the fact they'll be rolling out an f-150 electric lightning. maria: well, ron, we are coming around the mountain here on 2021 and there are a few catalysts for this market going into year end, like retail. also the federal reserve, they're going to start their tapering soon and then raising interest rates next year but even more pressing is president biden and his nominating, yesterday he said that he plans to announce a nominee f

the pullback lucid and arrivance are tumbling ahead of the opening >>> i'm here at the liberty media day. we'll be speaking to john malone, and jennifer witt from sirius, all up in the next hour and a half to two hours. >>> the revenue numbers out of nvidia are once again astounding, but the comments got a lot of attention. >> you're right, nvidia is one of those companies where you have to take the revenues up so big you're just kind of in awe, after this amazing growth, you ain't seen nothing yet cisco is the opposite. they gave you full-year earnings, but what was most disappoint to me, the hybrid business, work at home, work at the office, and the security business seem to have slowed down, and i've had to be more circumspect about cisco. i love the order of growth, but you know what? in this environment you could have operational misses, say they're supply chain and have people believe, oh, so that's what went wrong. this is the quarter where people are saying, you have supply chain problems, give me the break. the other sigh is solves it. when you hear supply chains they days,

the star of the day is lucid they're no rivian, lucid sold out, they need for capacity.o be rewarding hope not empirical strength. >> it happened with tesla, the hope, you know, it grew into that but rivian, i mean, it's 150 cars, jim, it's worth more than starbucks. >> ford motor is the winner. they're getting 15 b. rivian and ford are rivals. they're not partners so ford can get 15 billion a. battery costs between 1 and 2 billion. ford needs many battery plants to electrify its huge feet if they did that, the stock would be 50 not 19 >> we had nucor. >> i loved leon. leon, you know what was so funny the debate about dan demico's policy, i was down by the browns, too, you think left-wing guy who is in charge of nucor that was not true. >> we got to wrap. always fun we look forward to the show in just a couple of minutes big line up on "mad money" tonight. we want to remind you about the new cnbc investing club. you can sign up and find out more at cnbc.com/investingclub or you can scan the qr code. you're wchating "squawk box" on cnbc so, you want evs, you have come to

and shares in lucid motors were up. it's close to being worth more than ford.lucid closing in on the worth of general motors. more on that will be on the "today" show. and then jessica watkins is heading to the space station as part of the nasa mission. she was part of the 2004 stanford rugby champions. fannie mae and freddie mac will increase the maximum price for mortgages they guarantee. good news for home buyers inexpensive markets like ours. to buy a house here you need generally two mortgages, the base mortgage and a jumbo. the changes mean the base mortgage could get bigger and the jumbo smaller, and that could increase house prices. we will see. netflix will rank shows by how many hours people watch them, and right now it's ranked by how many people watch the first two minutes. >> i never knew that. >> isn't that strange? i showed you a clip of "red notice." we talked about easter eggs. as he looks around, that crate right there is from indiana jones. folks are watching that movie, which it's kind of dumb but it has great, great easter eggs in it. >> pe

kailey leinz, your thoughts on lucid.do have a market cap the equivalent of ford on a few million dollars of sales? kailey: it goes to show the equity market is not always attached to the fundamentals. you could have also made that argument about tesla. the numbers they've been putting up lately have been pretty good. do they support the equity where it is? jonathan: tesla is the $1 trillion company trading like a penny stock. unbelievable. lisa: is it a car company? jonathan: they make cars, don't they? lisa: is at the main business? jonathan: should we value the stock as a tech company is what you're getting at. lisa: you talk about companies being what they are because it is main purpose. i wonder if we will think of tesla as a battery company or a space company. jonathan: interesting. lisa: is there snark? jonathan: i did not spend enough time thinking about that. why do you think everything i say is snarky? it is authentic reaction. i am fascinating listening. joining us is the global debt and rate strategy had at in

thank rivian automotive and lucid group and all the others.ve to look at spinning out in some way your ev units, having an initial public offering, at least. at least have a stake available to investors because that was a that -- that would allow much higher advantage since going public. tom: to me, it is absolutely extraordinary how it is a traditional structure, traditional auto. culturally, can they even think about that? dave: that is the real question. the idea that these new vehicle makers would actually be more valuable as a group than the traditional automakers worldwide, we have seen that happen recently. a couple of arguments for why gm and ford should consider this. one is that they would be able to raise enough cash to have a buffer for their ev operations. the other thing is they would have a currency to be able to make deals. they wouldn't have to pay for them in cash. they would have stock in the ev units. this is not something you can anticipate, but the gap in valuations between the traditional automakers and ev makers is so w

look at rivian being the world's third-largest automaker, lucid group having more market value than fordl motors. you have to wonder what people are anticipating that would justify those kinds of market values, so there are pieces of what we saw back in 1999, 2000. it is the thing that you just can't put it across the broader market necessarily that way, especially when you figure the kind of revenue and earnings we are seeing out of microsoft and apple and alphabet and all the rest. lisa: the idea that this is becoming an increasingly common theme is one i would love to get your sense of. we were speaking with ben laidler earlier, saying we would possibly see a repeat of the first quarter of this year, and next year, the idea that we will see this rotation accelerate into value, into some of the less loved stocks, is that the new consensus? dave: it is getting there. there are certainly people anticipating it is going to happen. that said, bear in mind what happened this year. the fact that we can talk about the highest ev to sales on growth relative to value since 2000, it tells you wh

north of that let's do a comparison of rivian versus the ipo valuations for tesla back in 2010 and lucider time. elon musk tweeting there about deliveries at the time of valuation. well, remember back then, they only had a few deliveries, relatively few compared to where they are now the rodster, 1,000, lucid on saturday, rivian, we put zero. they tell us they started in september. how many have they delivered we're not entirely sure him all of this in the rising valuation comes when people are looking at the global ev market in terms of where it is right now which is about 5% of global sales, overall, auto sales and where it's expected to be by 2030. look at that chart that's the reason you are seeing it skyrocket tesla year-to-date had 63% of the u.s. ev market it's been the acceleration from ev sales and expectation of accelerating ev sales that is the stock of the fuel moving higher so there are a lot of people out there saying boy, rivian will have a better valuation better than honda that's the market we're in when it comes to electric vehicle companies. >> so it's interesting the

not just about one company, you see with lucid another's. >> the president is touring 0 factory whichtheir ev's. you look at their ability to retool and that is something that you reference about the fact that they're able to shift from internal combustion assembly lines to ev lines in a quicker dramatic fashion, is that what i'm hearing you saying. >> gm outside the tesla, they are the only company to have the vertical immigration from the software services to the battery technology to the distribution seven, eight cars a year. that is happening to gm going into next year they'll roll out 30 models in the next four or five or six years. while conversion of the customer base in the software services. it starts to get treated less as an auto company and more as a disruptive technology. the same thing for ford that you see investors take hold. >> the f150, the lightning has a lot of orders for that. you think people are underestimating what ford can do, do you see ford or gm or both, once they grow big enough three evey businesses. >> you may start to see some of this happening in the c

the same morgan stanley analyst is skeptical of lucid.illion valuation on 17,000 reservations and orders. stuart: you can't dismiss that some of it is a meme stock. this is like the green climate change forward point theme right now. >> it is down 5%. amazon is breaking up with a visa. it was surprising because amazon has an amazon brand, from jpmorgan. what they are upset about is a transaction fee, pretty high for amazon to pay. 20 pounds to switch to something else. stuart: visa's 5% loss take 70 points off so the dow would be dead flat. after the bell. >> sub 300. this stock has doubled so far this year. this is a show me report card, proved to me that self driving ai, gaming and data centers continue to boom so there's a pretty high bar set to power again. stuart: boeing got an upgrade. >> we took that off the screen. wells fargo graded, worth 272 according to them with the travel recovery and the return of the 737 max plane to china. stuart: dow stocks helping the dow a little bit. home depot on the top. is lowe's on the list? >> ap

shares of lucid moving higher in the pre-market after reporting first quarter results. the ev start upannouncing a notable increase in vehicles while reporting a net loss of $524.4 million in the third quarter. lucid which went public back in july reported it has lost $1.5 billion through the first nine months of the year. the company says it has more than 17,000 reservations for its air sedan up 13,000 through the third quarter. the reservations through september represented a book of $1.3 billion according to the company. >>> elon musk continues to unload tesla stocks, selling another 930 million shares yesterday after dumping 6.9 billion in stock last week that's according to filings. musk sold more than 934,000 shares yesterday at prices ranging from 625 to 1028 a share. in total musk has sold about 7.2 million shares for about 7.83 billion since november 8th, a day after musk's twitter poll decided he should sell 10% of his tesla stake. >>> and epic game's ceo renewing his attack on the power of big tech, namely apple and google. sweeney said apple complies with op

j, what do you have for us today >> all right quickly, scott lucid, lcid.ek expiration on the 26th that's black friday. obviously, we don't trade on thursday next week so time decay is an issue, but they're buying the 51 calls here i already had lucid calls. second one, igt, international game tech. this one a lot more time, april 31 calls with the stock at 29. i was in international game tech i have rolled up, scott, and i like this one all of the way out until april. >> dr. j, thank you very much. macy's is soaring to three-year highs and leslie picker is following the money with a new report she joins us in two minutes. we're getting destroyed out there. we need a plan! i have a plan— right now at t-mobile, customers on magenta max can get the new iphone 13 pro— and t-mobile will pay for it! it has the most advanced iphone camera ever! i'm talking new customers! i'm talking about existing customers like ronald! the new iphone on t-mobile— let's do it! new and existing t-mobile and sprint customers can upgrade to the iphone 13 pro on us. on our most popul

lucid up 10.5% that will do it for us on "squawk on the street. "tech check" starts now. ♪ ♪ >>> good tuesday morning i'm carl quintanilla big show of qs today a quandary in crypto as the major currencies sell off. a flock of seagulls. and then forget the metaverse. this might be the big investment frontier a dive into quantum computing is coming up. and live at qualcomm investor day in new york. ceo on "tech check" this hour. >> can't wait. we start off with the sell-off in cryptocurrency. bitcoin below 59,000 this morning. ethos 6% during a press conference they said that the country will continue to, quote, clean up virtual your honor currency mining bitcoin is on face for a fifth straight day of losses the current price takes us back to a few weeks to levels at the beginning of november. ned siegel says it doesn't make sense to put crypto on the balance sheet. make not the tone you would expect from jack dorsey's fellow exec have a listen. oh, that's what he said. so, guys, there wasn't much more than that. and so it's hard to see this as a ve

lucid shares are up 265% year-to-date.r ing to another record high, while other ev's are also moving higher, xpeng reported record growth while neo reported a drop , tesla is up 6.7%, xpeng up 2.25% and neo up 2.25%. the oprah effect can only go so far in helping companies, right? today it is helping jessica alba 's the honest company pop after it landed on winfrey's list of favorite things for 2021 with its baby clothing organic cotton pajamas for the family so it's getting a pop of about 2.8% but still at $ 9.41 a share, honest is nowhere close to overtaking its ipo price of $16 a share dead money for the moment, american airlines still hitting turbulence at this hour after canceling more than 2,000 flight s since friday, but despite the rough patch at airports travel booking site trivago flying high this quarter, a surprise profit for trivago, what's going on and how long did they hold on to that growth if the airlines can't deliver? we've got the trivago ceo, next. closing bell 31 minutes away, s&p back now positive, y

tesla's way ahead of everybody else and lucid at $74 billion and nio, and the estimate will be close$65 billion. two things to watch as you watch this play out. one is amazon because amazon has a 20% stake in rivian, has indicated that it looks to buy more shares as part of this ipo so they're doubling down on their commitment and they already have an order for 100,000, rivian electric vans and that will likely grow as amazon compares its partnership. ford because a stake in rivian some time ago and a couple of years ago and now owns about 12% of the company, but ford no longer has a seat on the rivian board and it is not using rivian's technology as the platform for its electric vehicles so it is unclear how much ford's relationship with rivian continues in the future and whether they get $7 billion, $8 billion in ownership and say that's good and at some point cash out and that remains to be seen and watch this ipo, scott, because i lot of people that i've talked to in the auto industry say not only is it highly anticipated, but it is one of those ipoes that can run once the tradin

it's new lucid calls that you rolled up to the november 48 and it's new ford calls after a huge run in that stock. can you take me through that process where you can have half your brain and as you say, no p-e stocks make you nervous and then the other half of your brain say, well, yeah, but i still like these opportunities from an options standpoint even if it's really frothy. >> sure. >> and that's exactly right, scott, and there are ways that you can use the options in a lot of different ways that you can do spreads and be able to attack something that you want to be a part of. i will tell you this, for the evs, it literally was a light switch, and i know i brought this up before, but i'll tell you again, about two and a half, three weeks ago energy names completely stopped and crude dropped all of the way down and we haven't soon a resurgence of those kinds of names hitting the way that they were and that was going for an entire year and meanwhile in the ev space it was tesla, originally, obviously and a lot of other names got deeper into the summer and we got more into the fall an

briefly, lucid surpassed general motors earlier today before it pulled back. for rivian, while it is pulling back today it is way past general motors in terms of market capitalization, which has a lot of people saying, hey, is the market a little too frothy here about the expectation for the ev makers? quickly take a look at shares of general motors we asked mark royce the question, kelly, a lot of people have been posing which is, look, should general motors spin off cruise or some of the ev action to capture the ev entities he said, no, that's not the plan they're too integrated and they believe too much that those assets are crucial to growing general motors in the future there's no plan to spin off the evs at this point. >> it has been an impressive and amazing display to watch those cruise robo taxis take the roads in california, obviously early days, but it will be interesting for the president because they're trying to push down high gas prices, but as long as they stay at these levels it is making the evs a little more attractive >> a little more attra