Just an FYI:
Sending shares of the startup automaker up 6% on Thursday, the EPA awarded Lucid Motors' (
LCID) Air Dream Edition with an official rating of 520 miles of range on a single charge. At that level, the EV would beat Tesla's (
TSLA) Model S Long Range by more than 100 miles, the previous record for how far a car could go on a single charge. Lucid is still feeling the investor love this morning, with the stock up another 5% premarket to $22.34.
Thought bubble: The electric car industry is still in its infancy and how far an EV can go before they have to be plugged is a crucial factor for any vehicle's success. A battery can take hours to be fully charged, depending on the car and charger.
"Crucially, this landmark has been achieved by Lucid’s world-leading in-house EV technology, not by simply installing an oversize battery pack," said Lucid CEO Peter Rawlinson, a former Tesla engineer. He credits aerodynamics, motor efficiency and other components for being the first to the 500-mile club.
Outlook: Tesla is still one of the market leaders in EVs, producing around two-thirds of electric vehicles sold in the U.S. Lucid's cars also occupy a luxury niche, with the Air Dream Edition starting at $169K before federal and state incentives. Lucid hopes to eventually offer more affordable versions of the Air, like one that will sell for about $77K, and the company is also working on an SUV.