Lucid Group announces that its first deliveries are set to start on Saturday. Lucid Air Dream Edition of $169,000 will be delivered to pre-ordered consumers, starting from 30 October. After the announcement, the shares skyrocketed and hit $39.78 per share.
The deliveries of Lucid Air Dream Edition after the company started production one month ago. These vehicles are being manufactured in the factory located in Casa Grande, Ariz. Shares surged as much as 47% after inviting its customers to pick their car at California headquarters. The company hasn’t mentioned how many vehicles will be delivered now, or how many are manufactured. Overall, Lucid Air Dream Edition will have only 520 units.
Furthermore, the company will launch 20,000 Lucid Air Sedans by 2022 and is expected to generate more than $2.2 billion in revenue. The one which will be delivered on Saturday is the company’s flagship vehicle. They also announced their plans to go public, which is set to be on November 14.
The vehicle is known to have 520 miles range, beating Tesla’s highest range in the EV market. Though the vehicle is a flagship model with limited editions, it is expected that Tesla is going to get a tough competition in the coming years.