Electric vehicle manufacturer Lucid Motors (NASDAQ: LCID) has announced that its upcoming luxury Air Dream Edition sedan has received an Environmental Protection Agency-rated (EPA) range of 520 miles.
In a blog post, Lucid Motors stated that the rating aligns with the goal of the model to maximize range from its miniaturized, in-house designed powertrain that reduces drag at high speeds.
The Lucid Air Dream Edition model rating now pushes Lucid past Tesla (NASDAQ: TSLA). It beats the longest-range set by Tesla’s the Model S Long Range Plus, by over 100 miles.
The Lucid Air Dream Edition managed to cruise from Los Angeles to San Francisco and back in a 445-mile trip as part of the test.
Furthermore, the EPA also rated the various trim levels, such as the Dream Edition Performance and Grand Touring versions on both 19″ and 21″ wheels.
Worth noting is that the range is subjective, but the EPA rating presents an overview of the Air’s performance under the set conditions of the agency’s testing process.
“I’m delighted that our Lucid Air Dream Edition Range has been officially accredited with a range of 520 miles by the EPA, a number I believe to be a new record for any EV. Crucially, this landmark has been achieved by Lucid’s world-leading, in-house EV technology, not by simply installing an oversize battery pack,” said Peter Rawlinson, CEO, and CTO, Lucid Group.
Impact on Lucid stock
Besides the rating, Lucid has in the recent past been at the center of the EV market after announcing its production preview week.
On September 27th, the company is expected to open its doors to selected visitors who will have a chance to see production procedures for Lucid Air alongside understanding the technology behind the production. In the wake of the announcement, the lucid stock plunged 10.87%.
However, following the EPA rating, the Lucid stock surged 6.7% on Thursday, potentially highlighting the company’s prospects once its product goes mainstream.
Market analysts take on Lucid stock
Notably, some market analysts believe the company’s unique electric vehicle technology would be the primary driver for growth.
According to Itay Michaeli, a Citi analyst, Lucid’s electric vehicle technological credentials are unmatched, backed by years of development expertise, a burgeoning brand, and speed-to-market. The analysts gave Lucid a price target of $28, while BofA analyst John Murphy initiated coverage of Lucid stock with a buy rating and a $30 price target.
Elsewhere, Adam Jonas, an analyst with Morgan Stanley, gave Lucid a price target of $12.00, stating that the company still has many obstacles ahead.