Lucid Motors finally hits the roads with a range that blows Tesla, Inc.

One of the buzziest new electric-vehicle startups to challenge Tesla is finally delivering on its promise of a model that will drive more than 500 miles on a single charge.

On Sunday, Lucid Motors tweeted a picture of the first Air Dream Edition sedans leaving its Casa Grande factory in Arizona. The $169,000 car comes with by far the longest EPA-rated range among EV competitors, with up to 520 miles—besting the closest Tesla by more than 100 miles.

While all Dream Edition cars have already been snapped up by reservation holders—in keeping with the range record, production will be limited to just 520 units—new customers can order the Air in three other equipment levels. Over 13,000 reservations have been placed to date, with a planned production rate of 34,000 cars annually in the company’s launch phase.

The vehicle is hitting U.S. markets at a propitious moment. Gasoline prices are up, on average, by about 42% over the past year. Compare that with the inflation on electricity—a more manageable 5.2% increase as recorded by the Bureau of Labor Statistics.

Why Lucid Group Stock Blasted Higher Monday

In between, Lucid Group piqued investor curiosity on Twitter on Oct. 24: It tweeted a picture of a car carrier trailer carrying six fully wrapped Lucid Air cars on the social media platform. There was no supporting information or press release, and just one picture, but that was enough to send the markets into a tizzy.

Investors are speculating these are the first batch of Lucid Air Dream Edition luxury sedans ready to be delivered. In September, at its much-awaited production preview week, Lucid Group announced the start of commercial production at its Casa Grande manufacturing facilities and confirmed it will start deliveries of Lucid Air Dream Edition late October.

Importantly, Lucid also said it would start by building 520 Dream Edition units, also its most expensive model so far with a price tag starting $169,000, after which it will shift focus to delivering all three of its other Air models, called Pure, Touring, and Grand Touring.

Lucid recently gave investors a glimpse of its financial strength and growth plans when it revealed pricing and opened reservations for Air Pure in Canada — its first such confirmed pricing outside the U.S. — and announced cashless redemption of public warrants. With the company now evidently on the verge of delivering its first luxury cars, investors are even more excited about Lucid’s prospects in the red-hot Tesla-dominated luxury electric car space.

Midday Meme Stock Report for 10/25: Lucid Group, Progenity, Tesla, TMC

All three major indexes traded higher in the noon hour Monday, with the Nasdaq Composite up almost 0.9%. One of our meme stocks is working its magic on the Nasdaq and driving the consumer cyclical sector up by nearly 2% to lead the pack. Nine of the 11 sectors are trading higher, while crude prices have pulled back from an intra-day high of $85.41 to trade down a tick or two at $83.73. The 10-year Treasury note yields are down about three basis points at $1.63.

Electric vehicle maker Lucid Group Inc. (NASDAQ: LCID) released a photo this morning of a truck loaded with six of the company’s Lucid Air Dream Edition cars on their way to customers. The company had promised first deliveries this month, and there’s the evidence that they are keeping their word. The car’s rated range on a single charge is 520 miles. The Dream carries a price of $169,000, with a base model Lucid Air going for $77,400.

Tesla Inc. (NASDAQ: TSLA) has more than doubled the share price boost it was enjoying in Monday’s premarket trading session. The company has received an order for 100,000 EVs (just a rumor in the morning) from auto rental giant Hertz. The vehicles will be delivered over the next 14 months, and Tesla’s Model 3 will be available to rent in major U.S. markets and some parts of Europe beginning next month. Bloomberg estimated that the deal is worth about $4.2 billion in sales to Tesla.

Monday’s big loser, at least as of the noon hour, was TMC the metals company Inc. (NASDAQ: TMC). The stock was down 26% since last Monday and still sliding even. On Friday, the company filed a prospectus registering up to 264.4 million shares of common stock, all of which are held as common shares or warrants by selling shareholders. No proceeds from the sale of these shares will go to TMC.

Biotech company Progenity Inc. (NASDAQ: PROG) added substantially to its premarket gains Monday, trading up nearly 15%. The stock was identified as Fintel’s most likely to experience a short squeeze this week. As we noted in our morning meme stock report, Progenity stock rose by 18% on Friday, partly due to a new developmental drug.

Lucid Group shares traded up 12% at $27.00 in the noon hour Monday.

The stock’s 52-week range is $9.60 to $64.86. The average daily trading volume is around 26.7 million, and more than 33 million shares had already traded on the day.

Tesla stock traded up by nearly 10% and posted a new 52-week high of $998.74 to get to the very brink of a $1 trillion market cap. The stock’s 52-week low is $379.11. The average daily trading volume is around 19 million shares, and about 34.4 million had changed hands thus far.

TMC stock traded down by as much as 8.7% to a new annual low, but it has cut the decline to just over 3% as of early afternoon Monday. The stock was trading at $3.21, in a 52-week range of $3.04 to $15.39. The average daily trading volume is around 10 million, and about 6.4 million shares had traded on Monday.

Progenity traded up about 13.5%, at $3.36 in a 52-week range of $0.66 to $8.20. The average daily trading volume is around 49 million shares, and more than 100 million changed hands.