Lucid EV company says deliveries to start in October as production begins

Electric-vehicle maker Lucid Group Inc. which sells advanced luxury EVs competes with Tesla Motors. Deliveries begin to customers in October. Lucid reports there are over 13,000 customer who have already placed orders for the Lucid Air Dream Edition models.

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The mile range is 520 for the  Lucid Air Dream Edition models, for $169,000 The mile range is more than 100 miles over its closest competitor.

Lucid Group Inc. located in Newark California saw its tock price rise almost 8% after hours then retreating 5.2% during the opening next day. In July Lucid went public  via a merger with a blank-check company. Shares rose up  145% year to date but seen losses of  9% in the past three months.

“The proprietary EV technology that Lucid has developed will make it possible to travel more miles using less battery energy. For example, our Lucid Air Grand Touring has an official EPA rating of 516 miles of range with a 112-kWh battery pack, giving it an industry-leading efficiency of 4.6 miles per kWh. Our technology will allow for increasingly lighter, more efficient, and less expensive EVs, and today represents a major step in our journey to expand the accessibility of more sustainable transportation,” said Peter Rawlinson, CEO and CTO, Lucid Group. “I’m delighted that production cars endowed with this level of efficiency are currently driving off our factory line.” Source Lucid Investor Relations

Governor Ducey joined other policymakers and invited guests in highlighting Lucid’s local job creation and economic development, increase in high-tech manufacturing footprint, and plans for future expansion in the state. Lucid’s Arizona manufacturing facilities are expected to bring a projected economic output (direct, indirect, and induced) of $9 billion to the state in 2024, as well as a projected 15,000 jobs annually (direct, indirect, and induced) by 2024. Source Lucid Investor Relations

Shares of the Lucid, which went public in July via a merger with a blank-check company, have risen 145% year to date but have decreased about 9% in the past three months.

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