Lucid shares skyrocket after confirming deliveries of $169,000 Air sedan

Folks take a look at drive Dream Version P and Dream Version R electrical automobiles on the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.

Caitlin O’Hara | Reuters

Shares of electrical car start-up Lucid Group surged by as a lot as 47% throughout buying and selling Thursday, a day after the corporate confirmed the primary buyer deliveries of its $169,000 Air Dream Edition sedan would start Saturday.

Lucid’s inventory hit $39.78 a share – its highest level for the reason that firm went public by way of a SPAC deal on July 26 – earlier than retreating to shut at $35.48 a share, up by 31.3%. The value stays far beneath its 52-week excessive of practically $65 a share in February when it was reported that Lucid was nearing a cope with blank-check firm Churchill Capital IV Corp. to go public.

The corporate invited choose Air Dream Version reservation holders to choose up their automobiles at its headquarters in California. Lucid didn’t disclose how many individuals had been invited to the occasion.

The shopper deliveries come a couple of month after Lucid started production of its first automobiles for purchasers at its new manufacturing facility in Casa Grande, Ariz. At the moment, Lucid mentioned buyer deliveries had been anticipated to start in late-October.

An organization spokesman declined to say what number of automobiles Lucid has constructed to this point, however he mentioned the automaker will proceed to extend manufacturing of the automotive.

In whole, Lucid has mentioned it plans to ship 520 customer-configured Lucid Air Dream Editions, adopted by deliveries of lower-priced fashions. Lucid advised buyers in July that it expects to provide 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in keeping with an investor presentation.

The Dream Version is a $169,000 particular version of its flagship sedan, with an industry-leading vary of as much as 520 miles, in keeping with the EPA. Pricing for an entry-level model of the automotive, the Lucid Air sedan, begins at $77,400 earlier than an as much as $7,500 federal tax credit score for plug-in automobiles.

Lucid on Thursday additionally scheduled its first earnings report and name for buyers since going public. The occasion is scheduled for Nov. 15.

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