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Sunday, October 24, 2021

Lucid Group, Inc. (LCID) stock rallied in the current market: Here’s Why

Shares of LCID stock rallied in the Pre-market trading today on September 17, 2021. LCID stock price saw a push of 5.41% to reach $22.32 a share at the time of this writing. The stock went up in the previous trade by 6.33% with a $21.17 per share price. Let’s understand the reason behind this bullish sentiment.

What’s Happening?

LCID stock on September 16, 2021, did announce that it has got an official EPA rating of 520 miles of range for its Lucid Air Dream Edition. For the first time, EPA rated that much longest range electric vehicle. It delivers an additional range of 100+ miles over its closest competitor. The dream edition range achieved 520 miles while delivering 933 horsepower. It sits alongside the performance of 1,111 horsepower of Lucid Air Dream Edition and 800 horsepower Grand Touring versions. The CEO and CTO of LCID stock were happy to see the acknowledgment of 520 miles by the EPA. He considered this achievement as the new record for EV.


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Many other versions of Lucid Air also did receive official range ratings by EPA. This includes Dream Edition Performance and Grand Touring versions on both 19″ and 21″ wheels. Lucid Air models are now in as six positions in EPA range ratings overall among all other electric vehicles. Moreover, it is in the highest MPGe ratings in the Large vehicle class

LCID stock completed a real-world first drive with Motor Trend:

LCID stock recently ended a real-world first drive with Motor Trend that featured the pair of Dream Edition Range cars. Lucid’s CEO and A Motor Trend journalist drove separate cars from Los Angeles to San Francisco. Both drove their cars at highway speeds and then moved from San Francisco Bay to Lucid’s global headquarters. The whole drive was without stopping to charge and still plenty of range remained left on each vehicle.

LCID stock announced Cashless Redemption of Public Warrants:

LCID stock on September 14, 2021, announced the redemption of its outstanding public warrants in order to purchase a share of its class A common stock. Lucid and Continental Stock Transfer & Trust Company previously issued these shares as warrant agents on July 29, 2020. The redemption price is $0.01 per Public Warrant and the Redemption date is October 8, 2021.

Conclusion:

Lucid stock has captivated the attention of investors after the announcement of the EPA rating for Lucid Air Dream Edition. LCID per share price has marked significant gains in 2021. The stock price increased by almost 111% year to date.

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