Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of electric vehicle firm Lucid Group (NASDAQ: LCID) are climbing on Thursday after the company revealed it has received an official EPA rating of 520 miles of range.
According to the company, it is the longest-range electric vehicle ever rated by the EPA and over 100 miles of additional range over its nearest competitor.
“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.
Other versions of Lucid Air have also received EPA range ratings:
On Wednesday, Bank of America analyst John Murphy initiated coverage of Lucid Group with a Buy rating and $30 price target, labelling the company as the “Tesla/Ferrari of new EV automakers.”
Murphy went on to state that Lucid is “one of the most legitimate start-up EV automakers.” However, he did note that his multiples to reach his price target are at a premium compared to Tesla's early trading multiples.
Lucid's share price is currently up 5.17% at $20.94, adding to Wednesday's over 5% rise.
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