Lucid stock briefly topped a buy point as the EV startup confirmed initial deliveries of its first electric cars that will beat Tesla (TSLA) on range.
On Wednesday, Lucid Motors (LCID) announced the first deliveries to customers of the Dream launch edition of its Air electric sedan will begin Oct. 30.
The Lucid Air “is the world’s first 500-mile electric vehicle,” built with proprietary EV technology, the release said. The company will hold a delivery event in California Oct. 30, which will be streamed on various social media channels.
Production started in September at Lucid’s factory in Casa Grande, Ariz. The Lucid Air has surpassed 13,000 reservations, the company said at the time, up from 10,000 in June.
In September, the Environmental Protection Agency (EPA) gave the ultraluxury Dream edition of the Air an official rating of 520 miles range on a single charge. That confirmed Lucid management’s claim that the Air would be the longest-range electric car ever, and LCID stock jumped.
Consumer concerns about electric driving range have weighed on the adoption of electric cars.
Lucid’s Air Dream edition outguns the Tesla Model S Long Range Plus, the previous range champion, by more than 100 miles. The Air Dream starts at $169,000, with more affordable versions to follow.
Lucid Stock, EV Stocks
Shares of Lucid Motors rose 2.4% to 27.02 on the stock market today, above the 50- and 200-day lines. Lucid stock briefly topped a 28.49 buy point from a cup-with-handle base before falling back under the entry, according to MarketSmith chart analysis. Tesla stock rose nearly 2% Wednesday, also closing well off highs.
The Lucid Air’s battery pack, more efficient motors and aerodynamic styling underpin its impressive range, according to reports.
LCID stock came public July 26 through a blank-check merger. The company’s CEO, Peter Rawlinson, previously engineered the Tesla S model.
Lucid describes the Air’s interior as a “glass cockpit.” It claims the Air beats not only the Tesla Model S, but also the Porsche Taycan, Jaguar iPace and Rivian R1T in battery efficiency.
The Lucid Air also features a highly autonomous driving system. It uses 32 sensors including long-distance Lidar, a safety technology that Tesla long avoided.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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