Lucid Group (LCID) Starts Converting Reservations Into Orders, Pledges To Deliver 520 Lucid Air Dream Edition EVs

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Lucid Group (NASDAQ:LCID) appears to be nearing the official launch of its ultra-luxury Air EV, as evidenced by the company’s readiness to now start converting reservations into official orders.

As per a blog post published moments ago on its website, Lucid Group is now reaching out to the Air Dream Edition reservation holders across North America in order to secure order confirmation and final configuration of the builds.

Lucid Group’s Saudi Plant Will Have the Capacity To Produce 155,000 Units per Year; The Company’s Total Annual Capacity Will Reach 500,000 EVs by “Mid-decade”

Crucially, in order to celebrate the EV’s record-breaking EPA range of 520 miles, Lucid Group has now pledged to deliver 520 Dream Edition units to reservation holders on the waitlist:

“To celebrate our record-breaking, EPA official 520-mile range achievement — we’re increasing total production of the fully-reserved Dream Edition to 520 vehicles. This means we’ll be able to custom build and deliver the world’s most advanced luxury EV to a limited number of customers on the Dream Edition waitlist.”

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.

Of course, the next big catalyst for Lucid Group bulls will arrive next week when the company is slated to hold a series of production preview events at the Arizona manufacturing facility.

We had noted earlier this 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.

As a refresher, Lucid Group expects to deliver at least 20K units to the North American and EMEA markets in 2022, with deliveries to China commencing only in 2023. Additionally, the Lucid Gravity SUV is now slated to launch in H2 2023. In another major development, Saudi Arabia’s Standards and Metrology Authority has now indicated that the EV manufacturer would likely commence its electric vehicle production line in the Kingdom by 2024. This makes sense as the Saudi PIF remains one of the largest investors in Lucid Group.