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Electric vehicle startup Lucid Motors market value has exceeded Ford Motor Group to $89.9 billion, after it closed at $55.52 a share, Al Arabiya reported.

The EV startup's market value, which is backed in part by Saudi Arabia's Public Investment Fund (PIF), blew past Ford Motor on Tuesday to $89.9 billion and is close to surpassing General Motors, which currently has a market cap of $90.9 billion.

The recent surge of the Saudi-backed EV company comes after its CEO Peter Rawlinson said that he believes there is a long runway for the electric vehicle startup's stock and market value to rise beyond legacy automakers and to eventually be valued more like industry leader Tesla.

"We are tremendously excited by our accomplishments in the first quarter as a publicly-traded company. We successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona, and opened new retail and service locations in advance of the Lucid Air launch," Rawlinson said in a press release published on Monday, following the group's third quarter financial results, the report said.

Lucid Motors had announced in a statement last summer that it would be producing two distinct versions of its upcoming Lucid Air Dream Edition car.

The two versions are the Dream Edition Performance and the Dream Edition Range, each with a different focus.

While the Dream Edition Performance features a powertrain optimised for speed and acceleration and boasts 1,111 horsepower, the Dream Edition Range only delivers 933 horsepower but will focus on providing the most amount of possible range to the user, the report said.