Lucid Motors (NASDAQ: LCID) has announced today that the first customer deliveries of Lucid Air will commence October 30 with a special Dream Delivery event in California, according to a company press release.
Designed and developed in Silicon Valley and manufactured at the firm’s Arizona plant, the Lucid Air is the world’s first 500-mile electric vehicle, containing next-generation efficiency derived from Lucid’s in-house developed and produced powertrain technology.
After a snapshot of one of Lucid’s vehicles being transported on a truck was tweeted on October 24 by the company, the stock notably surged to end trading at $26.85 +2.74 (11.36%) on Monday.
Currently, the stock is up to $27.90 +1.52 (5.76%) at the time of writing, while in our report published on Tuesday, October 26, we noted that the company seemed to be exhibiting positive momentum, and it seems that this is still the case.
The stock is trading above its 20 and 50-day simple moving averages, typically utilized by stock investors as uptrend indications; however, it does not offer a high-quality set up at the moment since prices have been extended to the upside recently.
Dream Delivery event
The Dream Delivery event follows the company’s commencement of production at its plant in Casa Grande, Arizona, which opened last month and is the first greenfield, dedicated electric car manufacturing facility in North America.
Those who have reserved a Dream Edition car for delivery on Saturday, October 30, will be the first to get their cars. Throughout the weekend, Lucid’s social media platforms are expected to be updated with highlights from the event.
After receiving their vehicles, these first customers will participate in the first Lucid Rally, which will be hosted by members of the company’s leadership team and include a route that highlights the vehicle’s outstanding ride, handling, and performance characteristics. Customers will then leave in their custom-built Lucid Air Dream Editions.