RTTNews | Sep 29, 2021 07:40AM EDT

07:40 Wednesday, September 29, 2021 (RTTNews.com) - Shares of Lucid Group, Inc. (LCID) are up more than 6% in the pre-market trade on Wednesday after the electric vehicle maker announced commencement of production of its luxury electric sedan Lucid Air at the company's Arizona factory on Tuesday.

Lucid expects customers can take delivery of its high-end Lucid Air Dream Edition in late October, followed by less expensive models including Grand Touring, Touring, and Air Pure.

The company said it has received more than 13,000 reservations for Lucid Air and increased the planned total production of the Dream Edition to 520 vehicles.

The U.S Environmental Protection Agency (EPA) had recently released its official range estimate for the Lucid Air Dream Edition Range at 520 miles on a single charge, which is 100 miles more than its closest competitor Tesla's Model S.

LCID closed Tuesday's trading at $24.54, down 5.21%. The stock is currently at $26.20.

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