Shares of Lucid Motors (LCID) rose Thursday following a bullish analyst note and confirmation from the Environmental Protection Agency (EPA) that the EV maker’s premium car has greater mileage than Tesla’s Model S (TSLA).
Lucid’s Dream Air edition vehicle was given an EPA-rated range of 520 miles. That’s about 100 miles more than Tesla’s Model S Long Range.
The CEO and CTO of EV maker Peter Rawlinson has said in previous interviews that Lucid’s car could go further on one full battery charge than Tesla’s vehicle. Now it has the official rating from the EPA to prove it.
Also on Thursday, the stock received a bullish outlook from Bank of America analyst John Murphy, who set a price target of $30 for the stock.
“I think it’s somewhere in between a combination of Tesla and Ferrari,” Murphy told Yahoo Finance Live on Thursday.
Murphy points to Rawlinson, who was a chief engineer at Tesla for the Model S before joining Lucid in 2013. “They have the combination of some really good know-how from the chief engineer of the Model S at Tesla – great technology. And then a focus on powertrain technology and the luxury market,” Murphy said.
The analyst points to Lucid’s plan to roll out its high-end vehicles with luxury price tags first. Launching the most expensive models first is similar to Tesla’s early strategy.
The upgrade is in stark contrast to Morgan Stanley’s recent launch of the stock. Earlier this week, analyst Adam Jonas recommended an underweight rating and a price target of $12 per share.
Lucid went public on July 26 through a SPAC merger with Churchill Capital IV. That day, LCID closed at $26.83.
The EV maker placed its first U.S. manufacturing plant in Casa Grande, Arizona. This year, the company aims to achieve its goals for: two versions of its most expensive vehicle, the Air Dream Edition.
On June 26, Lucid . opened a showroom in New York City’s trendy meatpacking district, just blocks from Tesla’s showroom.
Ines is a market reporter who reports on stocks on the trading floor of the New York Stock Exchange. Follow her on Twitter on @ines_ferre
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