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

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 Version sedan would start Saturday.

Lucid’s inventory hit $39.78 a share – its highest level for the reason that firm went public by means 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 almost $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 select up their vehicles at its headquarters in California. Lucid didn’t disclose how many individuals have been invited to the occasion.

The shopper deliveries come a couple of month after Lucid began manufacturing of its first vehicles for purchasers at its new manufacturing unit 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 automobiles Lucid has constructed to date, however he mentioned the automaker will proceed to extend manufacturing of the automotive.

In complete, Lucid has mentioned it plans to ship 520 customer-configured Lucid Air Dream Editions, adopted by deliveries of lower-priced fashions. Lucid informed traders in July that it expects to provide 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in accordance 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 accordance 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 traders since going public. The occasion is scheduled for Nov. 15.