Lucid Motors (NASDAQ: LCID) much-anticipated Air Dream Edition has been fully booked barely 48 hours after the electric vehicle firm increased the vehicle’s number to 520.
An overview of the reservation website indicates that the model’s allocated reservations have been booked and interested customers can get on a waitlist. Customers can reserve the vehicle for as low as $1,000, and it will retail from $139,000.
Lucid increased the availability of the Air Dream Edition after the model received an Environmental Protection Agency-rated (EPA) range of 520 miles. The mileage puts Lucid on top, beating rival Tesla’s Model S Long Range Plus by over 100 miles.
“To mark our record-breaking EPA range achievement, we’re upping the number of Lucid Air Dream Editions to 520. Reservation holders are now being invited to confirm their order and specs,” Lucid stated.
The high rate of reservations highlights the growing value of Lucid motors that is viewed as a formidable rival to Tesla in the EV space.
As we previously reported, currently there are roughly 10,000 Vehicle Identification Numbers (VINs) registered with Lucid Group and approximately 10,000 bookings for the Lucid Air EV.
Meeting production targets
Notably, the company has assured customers that it will meet the delivery targets. Chief Executive Officer Peter Rawlinson noted that with the opening of a new factory, the firm is in line to fulfill its goal of producing 577 vehicles this year and up to 20,000 next year.
The achievement comes ahead of the highly anticipated Lucid Production Preview Week slated for September 27. During the event, select customers will have a glimpse of how the company manages its production process.
The event will occur at the opening of the Advanced Manufacturing Plant (AMP-1) in Casa Grande, where customers will also be joined by media members, the financial community, and lawmakers.
Analyts take on LCID stock
Additionally, the latest milestones are also reflecting on Lucid stock, with some analysts remaining bullish.
According to Itay Michaeli, a Citi analyst, Lucid’s stock is bullish, stating that the company’s electric vehicle technological credentials are unmatched. Michaeli also notes that the technology supported by years of development expertise, a burgeoning brand, and speed-to-market will propel the stock to new heights. He puts the price target at $28.
Elsewhere, Adam Jonas from Morgan Stanley remains skeptical about Lucid, maintaining that the firm has many obstacles to clear. He gives the stock a target of $12.00.
By press time, LCID stock was at 25.42, almost 2% up in the last 24 hours.
Since the start of September, shares of Lucid have risen 36.22%, with the stock trading at $18.66 on September 1 and then climbing to $25.42 on September 23.