Benzinga | Sep 29, 2021 10:18AM EDT

Why Lucid Group Shares Are Trading Higher Today

Lucid Group, Inc. (NASDAQ:LCID) shares are trading significantly higher after the company announced it has begun production of its electric vehicles and deliveries will begin in late October.

The first customer-quality Lucid Air luxury electric sedans rolled off the assembly line during the company's production preview event at AMP-1, said in the company's press release.

Lucid expects reservation holders of Lucid Air Dream Edition models will begin receiving their vehicles in late October. The company has thus far received more than 13,000 reservations for Lucid Air and increased the planned total production quantity of the Dream Edition to 520 vehicles, also stated in the press release.

Lucid Group, a technology and automotive company, develops electric vehicle technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems.

Lucid's stock was trading about 14.6% higher at $28.12 per share on Wednesday at the time of publication.