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Lucid Surges on Strong Bookings for Air Sedan -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Lucid stock (NASDAQ:) surged 6% Tuesday a day after the company said reservations for its Air sedan have crossed 17,000, a 31% jump since closing the September quarter with 13,000 bookings.

A company statement stated that the order book has 13,000 bookings and is worth more than $1.3 billion.

According to the company, it plans on increasing production at its Arizona plant and hopes to achieve 20,000 units by 2022. The company aims for a combined annual vehicle production capacity of as high as 90,000 by 2023.

Lucid listed via a SPAC deal in July.

In the current quarter, it plans to launch its luxurious EVs in Canada. Next year will be European and Middle East markets. China in 2023.

The Environmental Protection Agency approved that Air Dream Edition Range cars from the company outstrips all others in the electric vehicle space. This includes the larger and more widely held Tesla.

Lucid’s 19-inch wheel secured a rating of 520 miles on one full charge from the EPA, making it the longest-range EV ever rated by the body. The title belonged until then to Tesla’s Model S Long Range Plus.

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