Shares of electric car maker Lucid Group rose after reports that a version of the company's first sedan was recognized by the US Environmental Protection Agency as having the longest-range electric car ever.
According to ArabiaNet, a copy of Lucid's battery-powered version, known as the battery-powered Air Dream, has been officially certified by the Environmental Protection Agency (EPA) with a range of 520 miles ( 840 km) on a single charge, according to Autoweek.
Lucid's shares rose 5.1% to $19.91 on Wednesday.
The reported range of 520 miles would outperform the Tesla Model S's top range of 405 miles (650 km).
Lucid is often labeled as a potential competitor to Tesla, in part because it announced superior ranges for its cars while they were still under development. Its CEO, Peter Rawlinson, previously served as chief engineer on Tesla's Model S sedan.
The Saudi Public Investment Fund PIF owns a majority stake in Lucid, whose shares are traded in the US market. PIF has benefited from investing early in it, as it owns about 62% of its shares.
The Public Investment Fund confirmed that its investment years ago in Lucid Company reflects its strategy of investing in future opportunities that provide growth in returns. The PIF indicated that Lucid's investment is a step towards diversifying the returns for the Saudi sovereign fund, and for the Kingdom as a whole.
The Saudi Public Investment Fund has earned more than $22 billion from its investment in Lucid after its listing last July.
Lucid also plans to start manufacturing its cars in Saudi Arabia in 2024, after it submitted a request to approve the model, according to what was stated to Al-Arabiya, Deputy Governor of the Saudi Standards Authority Saud Al-Askar.< /p>
