Lookup field is set with lookup Id, this Id value is the dropdown list option Id, please refer the demo below to get id of selected option and then set it to a list lookup field:
<script type="text/javascript" src="../SiteAssets/jquery.js"></script>
<script type="text/javascript">
function additemstolist()
{
var context = new SP.ClientContext.get_current();
var web = context.get_web();
var list = web.get_lists().getByTitle('NewList');
var listItemInfo = new SP.ListItemCreationInformation();
var listItem = list.addItem(listItemInfo);
listItem.set_item('Title', 'My Test Title');
var countryvalue = new SP.FieldLookupValue();
countryvalue.set_lookupId($("select[title='myselect'] option:selected").attr("id"));
listItem.set_item('carlookup', countryvalue);
listItem.update();
context.executeQueryAsync(Function.createDelegate(this, this.onSuccess), Function.createDelegate(this, this.onFailure));
}
function onSuccess() {
alert("Item Added Successfully.");
}
function onFailure() {
alert("Error Occured!!!");
}
</script>
<select title="myselect">
<option value="volvo" id="1">Volvo</option>
<option value="saab" id="2">Saab</option>
<option value="mercedes" id="3">Mercedes</option>
</select>
<input type='button' id='1234' value='Click Me' onclick="additemstolist();"/>