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NEWARK, N.J. - Lucid Group, Inc. (NASDAQ: LCID), known for its advanced electric vehicles and currently trading at $2.25 per share, has opened a new Studio and Service Center in Rutherford, New Jersey, marking the company’s 43rd location in North America and 58th worldwide. With revenue growth of 35.7% in the last twelve months and a strong cash position exceeding its debt obligations, today’s announcement highlights Lucid’s commitment to meeting the growing demand for electric vehicles (EVs) in the New Jersey area.
The Rutherford facility, located at 290 Veterans Boulevard, is strategically placed at the crossroads of Highways 17 and 3. This location is part of Lucid’s efforts to expand its footprint in the Tri-State area, complementing its existing facilities in Short Hills, New Jersey, as well as in New York and Pennsylvania. According to InvestingPro analysis, which offers 12 key investment tips for Lucid, the company maintains a healthy current ratio of 4.18, indicating strong short-term financial stability to support its expansion efforts.
Erwin Raphael, Vice President of Revenue at Lucid, expressed enthusiasm for the new center, stating, "New Jersey drivers have increasingly embraced the award-winning performance, range, and design of Lucid and we are delighted to open this expansive new studio and service center for our area customers." He emphasized the company’s dedication to providing an exceptional experience for both new and prospective customers.
Lucid Studios are designed to offer a personalized experience to visitors, whether they choose to engage with the brand in person, online, or a blend of both. These locations reflect Lucid’s design aesthetic and provide information about their products, including the Lucid Air and the upcoming Lucid Gravity.
Based in Silicon Valley, Lucid Group aims to push the boundaries of EV technology with its high-performance vehicles and innovative approach. The company, with a market capitalization of $6.86 billion, assembles its vehicles at a state-of-the-art factory in Arizona and continues to advance EV technology for broader benefits. For detailed insights into Lucid’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available exclusively on InvestingPro, which provides in-depth analysis of the company’s performance metrics and future potential.
This expansion in New Jersey is part of Lucid’s broader strategy to increase accessibility and service for its customers as the demand for electric vehicles continues to rise. The information for this news article is based on a press release statement from Lucid Group.
In other recent news, Lucid Group Inc. reported its first-quarter financial results for 2025, revealing an adjusted EBITDA loss of $263.5 million, which aligned with projections from Stifel analysts. The company’s revenue for the quarter was $235 million, falling short of both BofA Securities’ forecast of $245 million and the consensus estimate of $249 million. Despite this, Lucid improved its cash burn to $589.5 million, down from $824.8 million in the previous quarter, partly due to increased regulatory credit sales. Cantor Fitzgerald analysts maintained a Neutral rating with a $3.00 price target, noting Lucid’s unchanged FY25 vehicle production guidance of 20,000 units and capital expenditure guidance of $1.4 billion.
BofA Securities reiterated its Underperform rating with a $1.00 price target, citing Lucid’s adjusted EPS loss of $0.20, which was better than their projection. Stifel also maintained a Hold rating with a $3.00 price target, reflecting a cautious outlook on Lucid’s financial standing. Cantor Fitzgerald adjusted its forecast, reducing FY25 vehicle deliveries to 17,000 and revising revenue projections downward. Additionally, Needham reiterated a Hold rating, highlighting the potential of Lucid’s Gravity SUV to drive growth, while expressing concerns over liquidity due to capital-intensive initiatives. Lucid concluded the quarter with $3.6 billion in cash and investments, following a private offering of convertible senior notes.
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