By Dhirendra Tripathi
Investing.com – Shares of Lucid Group (NASDAQ:LCID) looked like extending their gains in Friday’s session as official recognition of its electric vehicles' capabilities encouraged investors to switch into the stock.
Lucid stock had risen 6.3% on Thursday after the Environmental Protection Agency certified that the range of the company's Air Dream Edition Range of cars outstrips any other in the EV space, including the more broadly held (and driven) Tesla.
The stock traded 5.2% up in premarket trading.
Lucid’s 19-inch wheel secured a rating of 520 miles on one full charge from the EPA, making it the longest-range EV ever rated by the body. That title so far belonged to Tesla's (NASDAQ:TSLA) Model S Long Range Plus.
Taken as a whole, the Lucid Air models now occupy the top six positions for overall EPA range ratings among all EVs, the company claimed.
So-called "range anxiety" remains one of the biggest factors putting consumers off electric vehicles, and Lucid's advances may help to calm such fears. However, Lucid still has work to do on the other big downer for electric car buyers - price. Lucid's Air Dream Edition with 19-inch wheels is likely to cost $169,000 at least. A cheaper base model is expected next year, according to reports.