It is called "the next Tesla, Inc." by BofA analysts.Lucid Motors said on Thursday that the Dream Edition Range version of its luxury electric car, the Lucid Air, has been recognized by the EPA as the longest-range electric car to date, with a range of 520 miles on full charge.
Lucid shares rose 6.33% on Thursday to close at $21.17 on the news.
The EPA rating confirms Lucid's own claim more than a year ago that its upcoming electric car will be the longest-range electric car on the market. It also represents a victory for Peter Rawlinson, Lucid's chief executive and chief technology officer. He used to work for Tesla, Inc. and led the development of Model S, and he has said that Air will surpass Elon Musk's company in terms of mileage, luxury, acceleration and price.
Tesla, Inc. Model S long-range version of the latest model has been recognized by the US Environmental Protection Agency for a range of 405km (651km). The Dream Edition version of the Lucid Air far surpasses Tesla, Inc. 's best model, but the price is also much higher, at $169000, while the Model S sells for $90, 000.
There have been some delays in production of Lucid due to supply chain reasons, and the company said it would deliver the Dream Edition version of Lucid Air to subscribers in 2021. The car has mileage-oriented decoration (R) and performance version (P). The EPA estimates that the Dream Edition P version of the Lucid Air can travel 471 miles at full charge.
Bank of America analyst John John Murphy said in a report on Tuesday that Lucid Motors is expected to be the next Tesla, Inc.. He compared the newly listed company with Tesla, Inc. and FerrariA comparison is made and it is pointed out that Lucid's business model "borrows" from the models of the two well-known automakers.
Mr Murphy said Lucid could pose a threat to other start-ups such as Tesla, Inc. and Rivian, as well as the electric vehicle brands of more established carmakers such as Ford and GM. He called Lucid "one of the most legitimate electric car startups".
The analyst said Lucid had many essential elements for success, including "innovative technology, attractive products, eye-catching brands, clean manufacturing methods and impressive management."