(Bloomberg) -- Shares of electric vehicle maker Lucid Group rose on Wednesday following reports that a version of its debut sedan was recognized by the U.S. Environmental Protection Agency as having the longest range ever for an EV.
The EPA awarded a version of Lucid's battery-electric Air Dream Edition with an official rating of 520 miles of range on a single charge, Autoweek reported. The story was later removed from the website, but not before it was widely shared on Twitter.
Lucid shares rose 5.1% to $19.91 on Wednesday.
The reported range of 520 miles would eclipse that of Tesla Inc.'s highest range model -- the S, which has an EPA-estimated range of 405 miles. Lucid, based in Newark, California, has often been labeled a potential competitor to Tesla, in part because it has claimed world-beating ranges for its vehicles while they were still in development. Chief Executive Officer Peter Rawlinson was also previously the chief engineer on Tesla's Model S sedan.
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