What happened

Lucid Group (LCID -1.66%) shares are continuing to rise on Friday after the company announced a milestone yesterday, and more investors are talking about the company's technology. As of 12:45 p.m. EDT, Lucid shares were up another 9.6% after jumping yesterday as well

So what

Yesterday, the Environmental Protection Agency confirmed what Lucid CEO and chief technology officer Peter Rawlinson has been saying for some time. The company's top line electric vehicle -- the Air Dream Edition -- has become the first electric vehicle ever to exceed a range of 500 miles on a single charge. The EPA has officially given the range edition of the Air Dream a range rating of 520 miles. 

Two gold Lucid Air luxury electric sedans on a mountain highway.

Image source: Lucid Group.

That compares to the 405 miles at which Tesla says its Model S long-range edition is rated. 

Now what

Rawlinson has touted Lucid's technology as a differentiator leading up the the anticipated initial production of the first commercial version of the luxury electric car. It shouldn't be overly surprising to investors that Rawlinson would want to outshine the Tesla Model S. Prior to his role at Lucid, he was the chief engineer for the Model S project at Tesla. 

"Range anxiety" has long been considered an impediment to widespread EV adoption. Lucid highlighted that the achievement allows one to drive from Los Angeles to San Francisco without needing to stop for a charge. Rawlinson said in a statement, "Crucially, this landmark has been achieved by Lucid's world-leading, in-house EV technology, not by simply installing an oversize battery pack."

The accomplishment is driving short-term interest in Lucid's stock. But investors should realize the company hasn't begun commercial production as of yet, and its $37 billion market cap has already built in much success. Another catalyst for investor interest will be the company's Production Preview Week beginning Sept. 27, where the company will show off its new Arizona production facility ahead of its initial commercial production.