Expanding its footprint on the Eastern Seaboard, American electric vehicle (EV) manufacturer Lucid Group (LCID) has revealed its newest retail location, the Lucid Studio at Tysons Corner Center in Washington, D.C, Metro Area. This is the 11th location in the growing network of Lucid Studios, along with locations in New York and Florida.
Following the news, shares of the company rose 12.61% to close at $41.80 on Friday.
The Senior Director of Sales and Service at Lucid Group, Zak Edson, said, “Opening at one of the largest malls in the nation, which is also located in a strong electric vehicle market, will provide excellent exposure for the Lucid Air and help us to further our mission to inspire the adoption of sustainable energy.” (See Lucid stock charts on TipRanks)
The Lucid Studio design provides options for the full Lucid Air lineup of luxury and high-performance EVs. This includes the Lucid Air Pure, the Lucid Air Touring, and the Lucid Air Grand Touring. Notably, each Lucid Studio offers a digitally oriented luxury experience according to each customer’s preferences.
The opening of the studio follows first customer deliveries of the fully-reserved Lucid Air Dream Edition. As per the company’s plan, 520 customer-configured Lucid Air Dream Editions are likely to be delivered, followed by deliveries of Lucid Air Grand Touring versions. Further, Touring and Pure models are expected to be delivered to customers during 2022.
Wall Street’s Take
According to Jonas, “Lucid is a highly vertically integrated BEV company that addresses the premium market at Tesla (TSLA) and above.”
“However, we find ourselves asking how big is the market for this level of premium EVs and what are reasonable levels of risks that investors should shoulder in order to take what may eventually be only a modest slice of a crowded premium BEV market,” the analyst added.
Consensus among analysts is a Moderate Buy based on 2 Buys and 1 Sell. The average Lucid price target of $23.33 implies 44.2% downside potential from current levels. Shares have gained 124.3% over the past six months.
According to the new TipRanks’ Risk Factors tool, the Lucid stock is at risk mainly from three factors: Finance and Corporate, Production and Legal and Regulatory, which contribute 35%, 25%, and 16%, respectively, to the total 85 risks identified for the stock.