Lucid Motors LCID shares rallied on Thursday after a bullish analyst note and confirmation from the Environmental Protection Agency EPA that the EV maker's premium vehicle has a higher mile range than Tesla's model S TSLA Lucid's Dream Air edition vehicle received an EPA rated range of 520 miles. That is roughly 100 miles more than Tesla's long range SUV.
The EV maker's CEO and CTO Peter Rowlinson has stated in previous interviews that Tesla's vehicle could go farther with one full battery charge than Lucid's vehicle. And now it will have the EPA's official rating to prove it.
Also on Thursday the stock received a bullish outlook from Bank of America analyst John Murphy, who set a $30 price target for the stock.
Somewhat somewhere between Tesla and Ferrari, said Yahoo Finance Live on Thursday.
Rawlinson points to Murphy, who was Chief Engineer at Tesla for the Model S prior to joining Lucid in 2013. They've got the combination of some real good know-how from the Chief Engineer of the Model S at Tesla — great technology. And then a focus on the luxury market as well as the powertrain tech said Murphy.
The analyst points out to Lucid's plan to launch luxury cars with high price tag first. Tesla's initial strategy of producing pricier cars is similar to Tesla's early strategy.
The upgrade is a stark contrast to Morgan Stanley's recent initiation of the stock. Analyst Adam Jonas published an Underweight rating and a price target of $12 per share earlier in the week.
Lucid went public on July 26 via a merger with Churchill Capital IV through a SPAC transaction. LCID closed at $26,83 that day.
The EV maker gave its first US manufacturing facility in Casa Grande, Arizona. The company aims to meet its goals this year for two versions of its most expensive vehicle, Air Dream Edition.
On June 26, Tesla opened a showroom in New York City's trendy meat packing district, just blocks from Lucid's showroom.