- Lucid Inc. skyrocketed as much as 241% on Tuesday after a similarly named company, Lucid Motors, told Reuters that its luxury sedan, the Air, will deliver an estimated EPA range of 517 miles on a full charge.
- If Lucid Motors is able to deliver on the claim, it would become the first electric-vehicle maker to develop a car with a range of more than 500 miles.
- According to Lucid Motors, the 517-mile range was verified in independent testing.
- The Air is expected to go on sale in 2021, which will then be followed by a SUV expected in 2023.
- Lucid Motors was founded in 2007 by a former Tesla employee and is based out of Newark, California.
- Visit Business Insider’s homepage for more stories.
An electric vehicle announcement from Lucid Motors sent a similarly named OTC stock through the roof on Tuesday.
Shares of Lucid Inc. skyrocketed as much as 241% after the CEO of a similarly named electric vehicle company, Lucid Motors, told Reuters that its upcoming Lucid Air sedan would have an EPA range of 517 miles, making it the first electric vehicle developer to surpass 500 miles in range.
For comparison, Tesla said in June that the long range version of the Model S became the first electric vehicle certified by the EPA to have an estimated range of more than 400 miles.
If Lucid Motors is able to deliver on its planned release data of 2021 for the Lucid Air, investors may take notice if it eventually goes public.
Electric vehicle stocks have been all the rage this summer thanks in part to Tesla's meteoric rise, which has led it to becoming the highest valued automaker in the world, surpassing Toyota.
Other EV makers that have seen their stocks soar include Nikola Corp., Workhorse, and Fisker Inc., which announced plans to go public via a reverse merger with SPAC Spartan Energy.
The Lucid Air is expected to be priced at "well north of" $100,000, Reuters reported. The company is expected to follow up with an SUV based on the same platform of the Air in 2023.
Lucid Motors was founded in 2007 and its CEO Peter Rawlinson was the former chief engineer of the Model S from 2009 to 2012, according to Rawlinson's LinkedIn profile.
Lucid Motors is based out of Newark, California, and is just 10 miles down the road from Tesla's Fremont factory, according to Google Maps.
Lucid Inc. trades on the OTC market under the ticker symbol LCDX. Shares hit a high of $2.15 in Tuesday trades. Lucid Inc. is based out of Massachussetts and is a medical technologies company.
