In this article, Lucid Group announced record quarterly vehicle deliveries for the fourth quarter and confirmed the production of over 9,000 vehicles in 2024, meeting its previously set target. The electric vehicle manufacturer disclosed that it produced 9,029 units and delivered 10,241 cars in 2024, with 3,386 units produced and 3,099 vehicles delivered during the fourth quarter.
Compared to 2023, last year’s results showed a 71% increase in deliveries and a 7% rise in production for Lucid. Despite these improvements, the company’s stock declined by approximately 28% in the previous year due to slower-than-expected EV adoption and significant cash burn as it discounted certain models and introduced a new SUV.
On Monday morning, the company’s stock saw a nearly 2% increase in trading. Lucid’s initial product, the Air sedan, was first delivered in late 2021. However, the market has become more competitive since then, and the company has not expanded as rapidly as initially projected.
At the end of the third quarter, Lucid had total liquidity of $5.16 billion, excluding a surprising $1.75 billion stock offering and capital raise in October that caught many investors off guard. The company, primarily supported by Saudi Arabia’s Public Investment Fund, is set to reveal its financial results for the fourth quarter in February.
