Electric-vehicle maker Lucid Group Inc. on Tuesday showed off the first cars rolling off its production line and said it will deliver them to customers starting late next month.
The Newark, Calif.-based company’s shares rose more than 7.5% in extended trading after the news, after falling 5.2% to $24.54 in the regular session.
Lucid LCID,
Lucid says its vehicles have a single-charge range of 520 miles, “more than 100 miles over its closest competitor.” That competitor is Tesla Inc.’s TSLA,
Deliveries of Lucid’s Grand Touring, Touring, and Air Pure models are expected to follow the initial rollout, the company said.
Shares of the Lucid, which went public in July via a merger with a blank-check company, have risen 145% year to date but have decreased about 9% in the past three months.
