Shares of EV start-up Lucid surge as much as 47% after confirming deliveries of its first car

Shares of electrical automobile 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 because the firm went public via a SPAC deal on July 26 – earlier than retreating to shut at $35.48 a share, up by 31.3%. The worth stays far under its 52-week excessive of practically $65 a share in February when it was reported that Lucid was nearing a take care of blank-check firm Churchill Capital IV Corp. to go public.

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

The shopper deliveries come a few 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 have been anticipated to start in late-October.

An organization spokesman declined to say what number of autos Lucid has constructed thus far, 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 informed buyers in July that it expects to provide 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in line 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 line 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 autos.

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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