One of the more intriguing luxury auto makers in the electric vehicle space is Lucid Motors (NASDAQ:LCID). Indeed, LCID stock is one that has inspired growth investors to jump aboard this year. Retail investors who got in early to Lucid Motors continue to be rewarded, with shares of LCID stock trading again above the $20 level.
That said, this is a stock that also traded near $65 per share earlier this year. Since then, Lucid, like most speculative stocks, saw valuations come back to earth.
However, there remains a significant number of investors who believe another rally may be around the corner. There is still a lot of capital looking to find a home. And speculative stocks have begun to gain momentum in recent days. That is especially true for companies that came public via special purpose acquisition company, like Lucid.
Today, LCID stock is up more than 5% on an otherwise red day in the markets. Let’s dive into what’s driving this move.
LCID Stock Higher on Impressive EPA Rating
Today, Lucid announced that its flagship luxury EV, the Lucid Air Dream Edition R, received the longest-ever range rating by the EPA.
Indeed, this vehicle’s 520-mile rating is impressive. This goes far beyond what any other EV offers, and suggests Lucid may be onto something with its battery technology.
Lucid’s styling and impressive specifications have driven many prospective luxury EV owners to consider Lucid as a real threat to its rivals. However, battery range is a very important feature many car owners tend to focus on, particularly those making longer commutes on a frequent basis.
This massive 520-mile range for the Lucid Air Dream Edition R is more than 100 miles ahead of the competition in terms of range. Indeed, if Lucid can deliver on its production targets, this could be a stock that could gain some real market share quickly.
At least, that’s what investors seem to be betting on today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.