Lucid Motors (LCID  ) has surpassed Tesla (TSLA  ) to secure the bragging rights of possessing the longest-ranged electric vehicle on the market.

"This is a car that will compete with the best vehicles around the world, gas or electric," Lucid's David Salguero told Passport to Wall Street in 2017 when discussing the Air model sedan. In 2020, the company further claimed that the Air would have a then-unprecedented range of 517 miles. The company has since made good on those claims, with the Air Dream Edition receiving an EPA-rated range of 520 miles.

The Air Dream's range surpasses the range of Tesla's Model S Long Range Plus by over 100 miles. The high-end edition will come with a steep price tag of $169,000, though a cheaper priced baseline model will become available by 2022, the company says. While clocking in at various ranges, the other trims of the Air Dream surpass Tesla's 400 miles by at least a few dozen.

The EPA also rate Lucid's other trim levels, such as the Dream Edition with 21-inch wheels--481 miles--Dream Edition Performance--471 miles with 19-inch wheels and 451 miles with 21-inch wheels--and the Grand Touring--516 miles with 19-inch wheels and 469 miles with 21-inch wheels.

"I believe that our 900-volt architecture, our race proven battery packs, miniaturized motors and power electronics, integrated transmission systems, aerodynamics, chassis and thermal systems, software, and overall system efficiency has now reached a stage where it collectively sets a new standard and delivers a host of 'world's firsts," said Lucid CTO Mark Rawlinson.

Lucid is expecting to begin shipping Air Dreams to customers later this year, with "design studio" dealerships opening across the country in anticipation of the forthcoming launch. The firm's Arizona factory is also set for a production preview later this month.

Lucid, which IPO'd in a SPAC deal earlier this year, saw a considerable boost in its share price on Thursday, thanks to the announcement. Shares jumped 4.8% pre-market and gained an additional 1.8% by mid-afternoon.