Business

Lucid EV manufacturing begins, firm says deliveries to begin in October


Electrical-vehicle maker Lucid Group Inc. on Tuesday confirmed off the primary automobiles rolling off its manufacturing line and stated it’s going to ship them to clients beginning late subsequent month.

The Newark, Calif.-based firm’s shares rose greater than 7% in prolonged buying and selling after the information, after falling 5.2% to $24.54 within the common session.

Lucid
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opened its plant in Casa Grande, Ariz., to the media and others on Tuesday, saying it has greater than 13,000 reservations for its Lucid Air sedan. The corporate is producing 520 of its Lucid Air Dream Version fashions, which value $169,000, first. In accordance with a information launch, reservation holders for each the particular version mannequin and the Lucid Air, which begins at about $74,000, will start receiving their automobiles in late October.

Lucid says its automobiles have a single-charge vary of 520 miles, “more than 100 miles over its closest competitor.” That competitor is Tesla Inc.’s
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Mannequin S Lengthy Vary, which that firm says can go about 420 miles on a single cost.

Deliveries of Lucid’s Grand Touring, Touring, and Air Pure fashions are anticipated to comply with the preliminary rollout, the corporate stated.

Shares of the Lucid, which went public in July through a merger with a blank-check firm, have risen 145% 12 months up to now however have decreased about 9% prior to now three months.



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