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Wednesday, May 31, 2023

Lucid Group Inc. (LCID) Stock on the Rise Following Commencement of Production Preview Week

Lucid Group Inc. (LCID) stock prices were up by 8.48% shortly after market trading commenced on September 29th 2021. This brought the price per share up to USD$26.2 early on in the trading day.

Initiation of Production Preview Week

September 28th 2021 saw LCID Group commence its Production Preview Week, which consisted of a series of events. These events will see the company open the door of its Advanced Manufacturing Plant (AMP-1) and Lucid Powertrain Manufacturing (LPM-1) factories in Casa Grande, Arizona. Members of the media and investor communities, policymakers, and Lucid Air Dream Edition customers will be able to tour the facilities.

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LCID Stock Benefits Local Communities

The first Lucid Air luxury electric sedans were completed by the assembly line during the event at AMP-1. This included a factory commissioning ceremony with Arizona Governor Doug Ducey, who joined other policymakers and invited guests in emphasizing future opportunities. These opportunities increase local job creation and economic development, increase in high-tech manufacturing footprint, as well as plans for future expansion in the state.

Scope of Product Launches

LCID stock’s manufacturing facilities are projected to generate a projected economic output (direct, indirect, and induced) of USD$9 billion to the state in 2024. Up to USD$15,000 jobs are also projected to be created every year by the year 2024. Customers, analysts, investors, and members of the media will also be given the opportunity to test drive the Lucid Air during the event. Deliveries of the reservation holders of Lucid Air Dream Edition models is expected to commence in late October 2021, with a gradual ramping up of deliveries from that point on. Grand Touring, Touring, and Air Pure model deliveries are forecasted to follow. The company has hitherto received more than 13,000 reservations for Lucid Air. Planned total product quantity of the Dream Edition was accordingly increased to 520 vehicles.

LCID Stock Beats out Competitors

The Lucid Air Dream Edition Range was determined by the EPA to have a range of 520 miles on a single charge, more than 100 miles better than its closest competitor. LCID stock has confirmed that the Air vehicle meets all of the regulatory requirements as set forward by the EPA and the U.S Department of Transportation.

Future Outlook for LCID Stock

The company is poised to capitalize on the exposure gained over the course of its event week. LCID stock is keen to spearhead its proliferation of the burgeoning electric vehicle market. Current and potential investors are hopeful that management will be able to leverage the resources at its disposal. This will be hoped to drive significant and consistent growth in shareholder value over the long term.

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