Start-ups for electric vehicles have a large share of the market Lucid GroupThe stock price surged as high as 47% in trading on Thursday after the confirmation of the company’s first customer deliveries. $169,000 Air Dream EditionSedan would start Saturday.

Lucid’s stock hit $39.78 a share – its highest point since the company went public through a SPAC deal on July 26 – before retreating to close at $35.48 a share, up by 31.3%. Lucid’s 52-week-high of close to $65 a shares in February, when Lucid was said to be nearing a deal for Churchill Capital IV Corp.

Select Air Dream Edition reservation holders were invited to drop off their vehicles at the company’s headquarters in California. Lucid didn’t disclose the number of people invited.

After about one month, customers receive their deliveries. Lucid started productionLucid announced that the first vehicles were being delivered to customers in its Casa Grande factory.

Although a company spokesperson declined to disclose the number of vehicles Lucid had built, he stated that the automaker would continue increasing production.

Lucid claims it intends to ship 520 customer-configured units. Lucid Air Dream EditionsThen came deliveries of cheaper models. Lucid stated to investors in July that the company expects to manufacture 20,000 Lucid Air sedans, which will result in more than $2.2billion in revenues, according to an investor presentation.

It is a special $169,000 edition, which includes its flagship sedan. According to the EPA it has a record-breaking range of up to 520 mi. The Lucid Air, an entry-level car priced at $77,000. This includes a $7,500 Federal Tax Credit for Plug-In Vehicles.

Lucid scheduled Thursday’s first earnings call and report for investors after going public. This event will take place on Nov. 15.