July 21, 2024


Unlimited Technology

Dear LCID Stock Fans, the EPA Just Gave Lucid Motors a 520-Mile Boost

Range anxiety is a psychological terror that plagues many EV drivers. Depending on the electric car you own, mileage can range wildly. And with recharging stations not ubiquitous in the U.S. yet, knowing you’ll have enough power to get to the closest charger is not always guaranteed. Lucid Motors (NASDAQ:LCID) is making things a little easier for drivers. A designation by the EPA is hyping up investors in LCID stock this morning.

Exterior of Lucid Motors (LCID) building

Source: gg5795 / Shutterstock.com

If you’re one of those range-conscious drivers, you could consider the Lucid Air as your next road trip car of choice. The flagship model of Lucid Motors already boasts an impressive 406-mile range on its base model. But today, the Lucid Air Dream Edition, the most high-end of the initial lineup, is boasting an even higher range.

LCID Stock Gains After Earning an EV Range Record

The Environmental Protection Agency has a grand authority in the auto industry; it gets to officially rate the fuel efficiency of combustion-engine vehicles. With the advent of electric autos, it also gets to be the end-all, be-all of electric range. And today, the agency is donning the Lucid Air Dream Edition Range with the longest EV range a car has ever scored. The vehicle is reportedly capable of covering 520 miles on a single charge.

This isn’t just the largest range, either — the Dream Edition Range blows competition out of the water. According to the company, the 520-mile rating is over 100 miles greater than the range of the next-closest competitor. It recently proved its rating with a drive from Los Angeles to San Francisco on a single charge.

The Dream Edition Range might be outside the price range of many potential buyers — base prices for the model start at $169,000. However, the Lucid Air fleet is littered with more affordable cars with ranges that stand up to the competition. The most basic model of the Air still provides over 400 miles of range.

News of this impressive feat is doing well to boost LCID stock this morning as trading opens up. Shares of the stock are up over 5% immediately after the opening bell. 10.2 million shares of LCID stock have traded hands already; that’s over half of the company’s daily average of 14.5 million in just minutes.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Source News