The electric vehicle (EV) race is close to a boiling point this week as Lucid Motors (NASDAQ:LCID) takes a huge step in its corporate road map. As it begins to roll out its first vehicles, the company stands taller than ever against longstanding competitor Tesla (NASDAQ:TSLA). Of course, the company’s newest announcement is drumming up gains and some of the most heated excitement for LCID stock yet.
Lucid always trails Tesla for one simple reason: It doesn’t have cars on the road. Obviously, when Tesla has been crafting proven and luxurious vehicles for years now, it’s hard to compete as a concept company. However, that is going to change before the end of next month. The company is finally letting its product hit pavement on a commercial scale.
The beginning of the week saw Lucid bring guests to its Arizona factory. Policymakers, finance experts, investors and media alike got to join the company in Casa Grande to take a firsthand look around the gigantic production facility. Rides in Lucid Airs on the company’s test track were overshadowed only by the firsthand look at the first customer models rolling off the assembly line.
That event is the uncorking of what is turning into a huge week for Lucid Motors; in fact, the company has dubbed this week “Production Preview Week.” As such, it’s not just showing a look at the factory. It’s also making huge announcements about the state of production. This morning is touting the biggest one yet.
LCID Stock Gains as Lucid Promises Air Deliveries in October
A press release from the Lucid camp is stoking some intensely bullish flames among LCID stock holders. After invitees witnessed the first consumer Air Dream Editions roll off the assembly line, Lucid provided an update on deliveries. Customers can rejoice at the announcement that vehicles will start delivering to customers in late October.
The announcement puts Lucid in a very interesting spot going into the next year. It will be the company’s first year of full-time production. Additionally, it will be the first time most people will get to witness a Lucid with their own eyes. It makes the company’s feud with Tesla more concrete, that’s for certain.
Investors sure seem to agree, given the great interest LCID stock is seeing today. The stock itself is gaining over 11% on the announcement. Additionally, it is trading at a much higher volume than average; 52 million shares of LCID are swapping hands in the opening moments of trading. That number starkly contrasts the stock’s daily average volume of 22 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.