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

People test drive the Dream Edition P and Dream Edition R electric cars at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.

Caitlin O’Hara | Reuters

Shares of electric car startup Lucid Group surged as much as 47% during trading Thursday, a day after the company confirmed that the first customer shipments of its $169,000 Air Dream Edition sedan would begin Saturday.

Lucid’s stock hit $39.78 a share — the highest point since the company went public through a SPAC deal on July 26 — before easing back to close at $35.48 a share, up 31.3%. The price is still well below a 52-week high of $65 a share in February when it was reported that Lucid was close to striking a deal with Churchill Capital IV Corp.

The company invited select Air Dream Edition holders to pick up their cars from its California headquarters. Lucid did not reveal how many people were invited to the event.

The customer shipments come about a month after Lucid began producing its first cars for customers at its new plant in Casa Grande, Arizona, and at the time, Lucid said customer deliveries were expected to begin in late October.

A company spokesperson declined to say how many cars Lucid had built so far, but said the automaker would continue to ramp up production of the vehicle.

In total, Lucid said it plans to offer 520 customer-configured Lucid Air Dream versions, followed by deliveries of lower-priced models. Lucid told investors in July that it expects to produce 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue, according to an investor presentation.

The Dream Edition is a $169,000 special edition of its flagship sedan, with an industry-leading range of 520 miles, according to the Environmental Protection Agency. Pricing for an entry-level version of the car, the Lucid Air sedan, starts at $77,400 before a federal tax deduction of up to $7,500 for additional vehicles.

Lucid on Thursday also set out its first earnings report and investor call since it went public. The event is scheduled for November 15.

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