Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Investors have seen US electric vehicle firm Lucid Group's (NASDAQ: LCID) shares rally premarket Wednesday after it revealed it will begin delivering its luxury sedans in late October.
Lucid's vehicles were recently confirmed to have a more extensive range than market leader Tesla, who are sure to be wary of the challenge after its Tesla Model 3 became the best-selling premium sedan in the world back in April.
The estimated Lucid Air Dream Edition range is 520 miles on a single charge, the longest range for any vehicle rated by the EPA.
“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.,” said Peter Rawlinson, CEO and CTO of Lucid Group.
Lucid expects deliveries of the Lucid Air Dream Edition models to begin to ramp up after the deliveries begin in late October.
The US startup has received more than 13,000 reservations for Lucid Air and increased the planned total production quantity of the Dream Edition to 520 vehicles.
California-based Lucid manufactures its vehicles in Arizona and said its manufacturing facilities are expected to bring a projected economic output of $9 billion to the state in 2024.
It is already beginning an expansion of the facility that will add 2.85 million square feet to support the increase in Air production and establish production of its first SUV, Gravity, which is expected to start in 2023.
Lucid shares are currently trading at $26.14, up 6.52% from Tuesday's close.
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