Lucid Group on Monday reported record quarterly vehicle deliveries for the fourth quarter and confirmed production of more than 9,000 vehicles in 2024 — meeting a previously announced target.
The electric vehicle manufacturer reported production of 9,029 units and deliveries of 10,241 cars in 2024. That included production of 3,386 units and delivery of 3,099 vehicles during the fourth quarter, the company said.
Last year’s results represented a 71% increase in deliveries and 7% uptick in production for Lucid compared with 2023.
However, such increases have not transcended to better investments for investors. Lucid’s stock declined by roughly 28% last year, as EV adoption has been slower than expected and the company has burned through billions of dollars in cash as it discounted some models and prepares to launch a new SUV.
The company’s stock rose nearly 2% in trading Monday morning.
Lucid’s sole product is the Air sedan, which it began delivering in late 2021. Since then, the market has grown more competitive, and the company has not scaled as quickly as it previously anticipated.
Lucid ended the third quarter with $5.16 billion in total liquidity. That excluded a $1.75 billion stock offering and capital raise that surprised many investors in October.
Lucid, which is largely backed by Saudi Arabia’s Public Investment Fund, is scheduled to announce its fourth-quarter financial results in February.