Buckle up Tesla: Lucid Group’s (LCID) Air EVs Are Now Rolling off the Assembly Line, With Customer Deliveries Slated for October 2021
Lucid Group (NASDAQ:LCID), the company behind the ultra-luxury Lucid Air electric vehicles, is about to leave its pre-revenue days behind.
As per a press statement released just moments ago, Lucid Group has announced that its Air EVs are now rolling off the assembly line at the AMP-1 facility in Casa Grande, Arizona.
“Customer-quality Lucid Air luxury electric sedans rolled off the assembly line today during the event at AMP-1, which included a factory commissioning ceremony with Arizona Governor Doug Ducey.”
Crucially, Lucid Group now expects to start delivering the reserved Air EVs to customers in October:
“Lucid expects reservation holders of Lucid Air Dream Edition models will begin receiving their vehicles in late October, with customer deliveries ramping up thereafter. Grand Touring, Touring, and Air Pure model deliveries are expected to follow. Lucid has thus far received more than 13,000 reservations for Lucid Air and increased the planned total production quantity of the Dream Edition to 520 vehicles.”
Bear in mind that the EPA range estimate for Lucid Air Dream Edition (19-inch wheel) now computes at 520 miles. For reference, a 2021 Tesla (NASDAQ:TSLA) Model S Long Range has an EPA estimate of 405 miles. This means that the top-of-the-line Air EV will provide over 28 percent more driving range than a fully-spec’d Model S.
We had noted last week that Lucid Group appears to have registered around 10,000 Vehicle Identification Numbers (VINs), corresponding to the roughly 10K reservations for the Lucid Air EV. This development adds confidence to the prognosis that the deliveries of the Air EV are now slated to begin soon.
In another major development, Lucid Group short-sellers continue to bleed on the back of the stock’s recent upward momentum. As per a tabulation by S3 Partners, the short-sellers have lost $158 million of their year-to-date gains in just a little over a week.
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