Lucid Group, Inc. (NASDAQ:LCID) shares are trading solidly higher after it confirmed a timeline for customer deliveries of its first EVs.
What Happened: Newark, California-based Lucid said Tuesday initial deliveries of the Dream Edition launch versions of Lucid Air will be made available to the first group of reservation holders Saturday, Oct. 30.
The Dream Edition comes in two versions — the Dream Edition Performance and the Dream Edition Range.
The company said production started at its Casa Grande, Arizona factory last month.
An inaugural Lucid Rally is also planned and will be hosted by the company's leadership team. The company also said highlights of the event will be shared on its social media channels throughout the week.
"Creating the Lucid Air has truly been a labor of love, with customer deliveries representing the culmination of years of endeavor from the entire Lucid team. So I'm truly excited to hand the keys to our first dear customers and accompany them on an inaugural drive through the iconic California countryside," said Peter Rawlinson, CEO and CTO, Lucid.
Why It's Important: Lucid had earlier been panned for building up a massive valuation without delivering a single vehicle. The delivery event will be a vindication of sorts for the company, which makes vehicles rivaling Tesla, Inc. (NASDAQ:TSLA)'s Model S.
The Lucid Air Dream Edition Range has received an official EPA rating of 520 miles of range. It is the longest-range electric vehicle ever rated by the EPA, delivering at least 100-plus miles of additional range over Tesla.
Lucid said it plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by deliveries of Lucid Air Grand Touring versions. Touring and Pure models are anticipated for delivery to customers during 2022.
LCID Price Action: At last check, Lucid shares were rallying 6.35% to $28.06.