This week, one of the top-performing stocks in the market has been Lucid Group (NASDAQ:LCID). Shares of LCID stock have ballooned nearly 50% since the start of trading on Monday, signaling strong investor demand for this EV company.
Most investors are already aware of the secular growth catalysts underpinning the EV sector. These catalysts provide a bullish backdrop for Lucid, a major competitor to American EV juggernaut Tesla (NASDAQ:TSLA). Given how rapidly Tesla’s share price has appreciated, investors appear to be bullish on Lucid’s ability to capture at least a small slice of this market.
As a luxury EV producer, Lucid’s product appears to be what investors like to see. And this week, the stock is gaining momentum ahead of the company’s Oct. 30 release date for its first deliveries.
Those who had pre-ordered the Lucid’s Dream Edition model will be among the initial customers to have a Lucid vehicle delivered. The company has also noted it’s planning a launch event tomorrow.
Let’s dive a bit into what investors may want to know about tomorrow’s event.
LCID Stock Update: What to Know Ahead of Deliveries
- Lucid’s previously announced Oct. 30 delivery date is tomorrow.
- Accordingly, the company notes it has planned the “Lucid Rally” event to showcase the Air and Dream Edition models.
- The company’s CEO Peter Rawlinson noted he will be “excited to hand the keys to our first dear customers and accompany them on an inaugural drive through the iconic California countryside.”
- This event is expected to take place in Newark, California, at the company’s headquarters.
- Customers who pre-ordered the $169,000 Dream Edition vehicles will be the first to receive their keys.
- The number of cars that will be handed out at this rally has not been confirmed.
- However, the excitement appears to be real, with social media interest ramping up around LCID stock.
On the date of publication, Chris MacDonald 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.