EV maker Lucid Group (LCID) is expanding its physical presence in California with the opening of two new Studio and Service Center locations: one in San Jose and the other in San Diego. These facilities will allow more customers to view and test the Lucid Air, as well as the new Lucid Gravity models. They will also help serve the growing number of Lucid owners in the area who need support or service.
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Notably, Erwin Raphael, Lucid’s Vice President of Revenue, stated that interest in the company’s vehicles has been rising due to strong performance, long battery range, and a design approach that is inspired by California. Separately, Lucid’s CEO recently stated that some former Tesla (TSLA) customers have been switching over because they say that Tesla’s models feel outdated.
Nevertheless, these two additions bring Lucid’s total number of retail and service locations in California to 15 and cover areas from Sacramento to San Diego. Raphael also added that Lucid plans to keep growing its retail footprint across the United States in order to meet customer needs and maintain a consistent ownership experience.
What Is a Good Price for LCID Stock?
Turning to Wall Street, analysts have a Hold consensus rating on LCID stock based on two Buys, nine Holds, and two Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average LCID price target of $28.08 per share implies 33.2% upside potential.
