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Buckle up Tesla: Lucid Group’s (LCID) Air EVs Are Now Rolling off the Meeting Line, With Buyer Deliveries Slated for October 2022

Lucid Group (NASDAQ:LCID), the corporate behind the ultra-luxury Lucid Air electrical autos, is about to depart its pre-revenue days behind.

As per a press statement launched simply moments in the past, Lucid Group has introduced that its Air EVs at the moment are rolling off the meeting line on the AMP-1 facility in Casa Grande, Arizona.

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“Buyer-quality Lucid Air luxurious electrical sedans rolled off the meeting line immediately in the course of the occasion at AMP-1, which included a manufacturing unit commissioning ceremony with Arizona Governor Doug Ducey.”

Crucially, Lucid Group now expects to begin delivering the reserved Air EVs to clients in October:

“Lucid expects reservation holders of Lucid Air Dream Version fashions will start receiving their autos in late October, with buyer deliveries ramping up thereafter. Grand Touring, Touring, and Air Pure mannequin deliveries are anticipated to observe. Lucid has to this point acquired greater than 13,000 reservations for Lucid Air and elevated the deliberate complete manufacturing amount of the Dream Version to 520 autos.”

Keep in mind that the EPA vary estimate for Lucid Air Dream Version (19-inch wheel) now computes at 520 miles. For reference, a 2022 Tesla (NASDAQ:TSLA) Mannequin S Lengthy Vary has an EPA estimate of 405 miles. Because of this the top-of-the-line Air EV will present over 28 % extra driving vary than a fully-spec’d Mannequin S.

We had famous final week that Lucid Group seems to have registered round 10,000 Car Identification Numbers (VINs), akin to the roughly 10K reservations for the Lucid Air EV. This growth provides confidence to the prognosis that the deliveries of the Air EV at the moment are slated to start quickly.

In one other main growth, Lucid Group short-sellers proceed to bleed on the again of the inventory’s current upward momentum. As per a tabulation by S3 Companions, the short-sellers have misplaced $158 million of their year-to-date good points in just a bit over every week.