Technology

Lucid shares soar after shipments of $ 169,000 Air sedan are confirmed

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Electric vehicle startup Lucid Group’s shares rose as much as 47% during Thursday’s trading, a day after the company confirmed that first customer deliveries of its $ 169,000 Air Dream Edition sedan would begin on Saturday.

Lucid’s stock hit $ 39.78 per share – its highest level since the company went public through a SPAC deal on July 26 – before pulling back and closing at $ 35.48 per share, up 31.3%. The price remains well below its 52-week high of nearly $ 65 per share in February when it was reported that Lucid was about to close a deal with blank check firm Churchill Capital IV Corp. stands to go public.

The company invited select Air Dream Edition reservation holders to pick up their cars at its California headquarters. Lucid did not disclose how many people were invited to the event.

Customer deliveries come about a month after Lucid begins producing its first customers’ cars at its new factory in Casa Grande, Arizona. At that point, Lucid said shipments to customers were expected to begin in late October.

A company spokesman didn’t want to say how many vehicles Lucid has built to date, but he said the automaker will continue to increase production of the car.

Overall, Lucid plans to ship 520 customer-configured Lucid Air Dream Editions, followed by shipments of cheaper models. Lucid announced to investors in July that according to an investor presentation, 20,000 Lucid Air sedans will be produced in 2022, with sales of more than $ 2.2 billion.

The Dream Edition is a special edition of their flagship sedan for $ 169,000 with an industry-leading range of up to 520 miles, according to the EPA. Prices for an entry-level version of the car, the Lucid Air sedan, start at $ 77,400 before a federal tax credit of up to $ 7,500 for plug-in vehicles.

Lucid also planned its first earnings report and call to investors since going public on Thursday. The event is scheduled for November 15th.

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