Benzinga | Sep 16, 2021 03:10PM EDT

Why Lucid Shares Are Rising

Lucid Group Inc (NASDAQ:LCID) shares are trading higher by 6.7% at $21.25 after the company's Lucid Air Dream Edition Range received an official EPA rating of 520 miles of range.

"I'm delighted that our Lucid Air Dream Edition Range has been officially accredited with a range of 520 miles by the EPA, a number I believe to be a new record for any EV. Crucially, this landmark has been achieved by Lucid's world-leading in-house EV technology, not by simply installing an oversize battery pack," said Peter Rawlinson, CEO and CTO, Lucid Group.

Lucid is otherwise trading lower by 6.8% over the past month after the company's PIPE lockup expired.

Lucid is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies. Lucid is a vertically integrated company that designs, engineers and builds electric vehicles, EV powertrains and battery systems in-house.

Lucid has a 52-week high of $64.86 and a 52-week low of $9.60.