For the electric vehicle fans who've been following $Lucid Group(LCID.US)$ closely or actually ordered a Lucid Air themselves, Oct. 30 will mark an important catalyst. This week began with the company tweeting a photo that indicated that it was about to begin shipping out its first models of the Lucid Air. Today, Lucid confirmed that the week would end with the vehicle deliveries beginning on Friday, Oct. 30. LCID stock has seen plenty of turbulence since the fall began but for investors, this next catalyst should not be scary.
What's Happening With LCID Stock
This morning's news has sent LCID shares up more than 18%.
This is in keeping with the solid week the company has enjoyed, with shares rising 12.6% over the past five days. Despite a significant decline early in the month, LCID stock has rebounded since and is on track to finish October out strong.
Lucid has taken a long road to get here, but the stretch ahead looks less rocky.
What It Means
As previously noted, up until now, Lucid's competitors have enjoyed the fact that it does not have any models on the market. As of the end of this week, that will change. Heading into the holiday season, Lucid will have its flagship sedan on the road and in showrooms across the country.
Lucid played the long game and as much as it may have spooked some investors, it seems to be paying off. The company has also used this time to establish dealerships in Canada, gaining an early foothold in a market with fewer domestic EV producers than the U.S.
The Next Catalyst Doesn't Look Too Scary
As with any EV producer, upcoming success is largely dependent on battery production. InvestorPlace's Dana Blankenhorn recently noted this. As he highlighted, Lucid CEO Peter Rawlinson is exactly the type of leader who could help the company secure the contract to build the world's largest battery storage system. This development would put Lucid in a unique position to succeed as other companies struggle to procure battery components amid the supply chain crisis.
Lucid did a great job procuring media coverage and staying in the public eye before drivers could admire its cars on the street. Now that we're about to be able to do exactly that, interest in Lucid's vehicles is going to expand even further.
The Lucid Air may be coming soon to a driveway near you, and LCID stock is worth watching as a result.