Lucid Motors stock surges on automaker's first deliveries

The Lucid Air Dream Edition is available for $169,000

Shares of Lucid Motors have jumped more than 6% on Friday as the luxury electric vehicle maker prepares to deliver its first batch of the Dream Edition Lucid Air on Saturday, Oct. 30.

Ticker Security Last Change Change %
LCID LUCID GROUP INC. 43.88 -0.98 -2.18%

An initial group of customers have been invited to the company's California headquarters where they will pick up their cars during the company's Dream Delivery event. 

"Upon receipt of their cars, these initial customers will embark upon the inaugural Lucid Rally, hosted by members of the company’s leadership team on a route that showcases the vehicle’s standout ride, handling, and performance capabilities, before departing in their personally-configured Lucid Air Dream Edition, reflecting their preference of Range or Performance models," the automaker said in a statement Friday.

A Lucid Motors spokesperson could not disclose how many people have been invited to the Dream Delivery event.

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The Dream Delivery event follows Lucid's start of production last month at its Casa Grande, Arizona, factory. The company expects to produce 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue, according to a July investor presentation

Lucid plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by its Lucid Air Grand Touring. Lucid's Touring and Pure models are expected to be delivered to customers in 2022. 

Lucid plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by its Lucid Air Grand Touring Editions. Lucid's Grand Touring and Pure models are expected to be delivered to customers in 2022.  (Lucid Motors)

The Dream Edition Range model can travel an estimated 520 miles on a single charge, according to the Environmental Protection Agency, and delivers 4.4 per kWh. Meanwhile, the Dream Edition Performance model offers 1,111 horsepower, achieving a 0 to 60 mile per hour time of 2.42 seconds and a quarter mile time of 9.67 seconds with the 21-inch wheel and tire package. The Dream Edition Performance model is capable of an EPA-estimated 471 miles of range on a single charge with its 19-inch wheel and tire package. 

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All Dream Edition models, which are available for $169,000, are equipped with a special 118 kilowatt per hour (kWh) version of Lucid’s long-range battery pack. Meanwhile, pricing for the entry-level Lucid Air sedan starts at $77,400 before an up to $7,500 federal tax credit for plug-in vehicles.

Lucid will report its third quarter earnings on Nov. 15, the first financial update for investors since going public in July.