By Dhirendra Tripathi
Investing.com – Lucid stock (NASDAQ:LCID) 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.
At 13,000 bookings, the order book is seen greater than $1.3 billion, according to a company statement.
The company said it is raising production at its Arizona factory and is confident of achieving 20,000 units there in 2022. By the end of 2023, it aims to have a total annual capacity of up to 90,000 vehicles.
Lucid listed via a SPAC deal in July.
The company plans to debut its luxury EVs in Canada in the ongoing quarter, followed by European and Middle East markets next year and China in 2023.
In September, the Environmental Protection Agency certified that the range of the company's Air Dream Edition Range of cars outstrips any other in the EV space, including the more broadly held (and driven) 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. That title till then belonged to Tesla (NASDAQ:TSLA)'s Model S Long Range Plus.