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Shares of Lucid Group Jumped by as Much as 47%

Tesla has many competitors and one of them is Lucid Group. Its shares surged by as much as 47% during trading on Thursday. One day earlier, Tesla’s competitor confirmed the customer deliveries of its $169,000 Air Dream Edition sedan would begin on Saturday. The starting price of Lucid Air Sedan is $77,400 before an up to $7,500 federal tax credit for plug-in hybrids.

Its stock rose to $39.78 per share. Lucid’s best result since the company went public through a SPAC deal on July 26 before retreating to close at $35.48 a share, up by 31.3%. The price of Lucid’s stock remains far below its 52-week high of nearly $65 a share in February.

Lucid Group invited select Air Dream Edition reservation holders to pick their cars at its headquarters in California. The electric carmaker did not disclose how many clients were invited to the event.

Last month, the carmaker started production of its first cars for customers at its new factory in Casa Grande, Arizona. Interestingly, it is the first EV start-up that went public through a SPAC deal to actually produce a saleable vehicle for clients.

The history of Lucid dates back to 2007. It was founded as Atieva, a name it now uses for its engineering and tech arm. Atieva supplies batteries to the electric racing circuit Formula E. In the beginning, Atieva focused on electric battery technology. But then it decided to change its name and to start making electric vehicles.

Lucid Group plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by deliveries of lower-priced models. Several months ago, the company told investors that it expects to produce 20,000 Air Sedans in 2022, generating more than $2.2 billion in revenue.

Lucid Dream Edition is a $169,000 special edition of its flagship sedan. This model comes with an industry-leading range of up to 520 miles according to the EPA. As previously mentioned, pricing for an entry-level version of the car, the Lucid Air Sedan, starts at $77,400.

Its competitor Tesla reached formidable results over the years. Recently, Tesla surpassed a market value of $1 trillion. Tesla joined an elite club of companies on Monday. The company endured many problems. The situation changed in 2020, the company upped its game and became profitable for the first time, prompting its shares to take off.

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