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

Men and women examination drive Aspiration Version P and Desire Version R electric motor vehicles at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.

Caitlin O’Hara | Reuters

Shares of electric powered motor vehicle start off-up Lucid Team surged by as a great deal as 47% through investing Thursday, a day right after the firm verified the initial customer deliveries of its $169,000 Air Dream Version sedan would start out Saturday.

Lucid’s inventory strike $39.78 a share – its highest stage considering the fact that the business went community through a SPAC offer on July 26 – just before retreating to shut at $35.48 a share, up by 31.3%. The price remains much below its 52-week higher of almost $65 a share in February when it was described that Lucid was nearing a deal with blank-check firm Churchill Money IV Corp. to go community.

The organization invited find Air Dream Edition reservation holders to pick up their automobiles at its headquarters in California. Lucid did not disclose how several individuals were invited to the celebration.

The customer deliveries occur about a month right after Lucid started off output of its 1st autos for shoppers at its new factory in Casa Grande, Ariz. At that time, Lucid mentioned customer deliveries had been expected to commence in late-October.

A firm spokesman declined to say how quite a few motor vehicles Lucid has created so far, but he explained the automaker will go on to raise production of the automobile.

In complete, Lucid has mentioned it strategies to produce 520 buyer-configured Lucid Air Aspiration Editions, followed by deliveries of lower-priced versions. Lucid explained to traders in July that it expects to produce 20,000 Lucid Air sedans in 2022, producing additional than $2.2 billion in revenue, according to an trader presentation.

The Dream Edition is a $169,000 exclusive edition of its flagship sedan, with an industry-main range of up to 520 miles, according to the EPA. Pricing for an entry-amount edition of the auto, the Lucid Air sedan, commences at $77,400 in advance of an up to $7,500 federal tax credit rating for plug-in automobiles.

Lucid on Thursday also scheduled its to start with earnings report and phone for investors given that heading community. The party is scheduled for Nov. 15.