EV maker Lucid shares jumped 4% in morning trading as its luxury sedan got 520-mile driving range rating.In addition,Bank of America predicts 50% gain in Lucid, compares EV maker to Tesla and Ferrari.
Lucid Group Inc's Air Dream Edition Range luxury sedan has received U.S. government certification for a range of 520 miles, the electric vehicle maker said on Thursday.
The sedan was the longest-range EV rated by the U.S. Environmental Protection Agency (EPA), the company said. Rival Tesla's Model S Long Range has an EPA estimated range of 405 miles.
EV manufacturers are pushing to extend the driving range of their vehicles in a bid to better compete with gasoline-fueled ones. However, as consumers rapidly transition to EVs, charging infrastructure still remains a concern.
The Biden administration's infrastructure bill includes $7.5 billion for electric vehicle charging stations.
Lucid made its debut on the Nasdaq in July after completing its merger with a blank-check company backed by Wall Street dealmaker Michael Klein in a deal that valued the combined company at $24 billion.
The EV maker in August said it would begin deliveries of fully reserved 'Air Dream Edition Range' cars later this year.
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