Lucid Group, Inc.‘s (NASDAQ:LCID) share price rose modestly on Thursday, buoyed by the unveiling of a new location aimed at enhancing customer support in the Tri-State region.
The electric vehicle company, recognized for its premium performance and design, launched a new Studio and Service Center in Rutherford, New Jersey.
This latest addition brings Lucid’s total to 43 physical locations across North America and 58 globally.
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Erwin Raphael, vice president of revenue at Lucid, stated that the brand is gaining popularity among drivers in the Garden State. “Our passionate Lucid team members are eager to welcome new and prospective customers and deliver the outstanding experience that our owners have come to expect from Lucid,” Raphael said in a statement.
The Rutherford facility is positioned to serve a rapidly expanding customer base.
The move deepens Lucid’s footprint in the Tri-State region, complementing existing locations in Short Hills, White Plains, Manhattan, Plainview, Manhasset and King of Prussia.
The EV maker recently posted $235.05 million in first-quarter revenue, slightly missing analysts’ forecasts of $250 million.
However, it narrowed its net loss to 20 cents per share, beating expectations of a 23-cent loss.
In the same period, Lucid delivered 3,109 vehicles while producing 2,212. The production tally does not include over 600 units en route to Saudi Arabia.
The company remains committed to its annual production guidance of approximately 20,000 vehicles in 2025.
Price Action: LCID shares are trading higher by 0.89% to $2.270 at last check on Thursday.
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