Lucid Group announced record vehicle deliveries for the fourth quarter of 2024, producing 9,029 electric vehicles and delivering 10,241 in total for the year. This performance represents a 71% increase in deliveries and a 7% rise in production compared to 2023, bolstered by fourth-quarter figures of 3,386 units produced and 3,099 vehicles delivered. Despite these positive results, Lucid’s stock fell approximately 28% last year due to slower-than-anticipated EV adoption and significant cash burn from discounts on some models and the anticipation of a new SUV launch. Following the announcements, Lucid’s stock saw a slight increase of around 5% in premarket trading. The company, which launched its Air sedan in late 2021, faces increased competition and has not scaled as expected. As of the third quarter, it held $5.16 billion in liquidity, excluding a $1.75 billion stock offering that caught many investors by surprise in October. Lucid, backed significantly by Saudi Arabia’s Public Investment Fund, is set to disclose its fourth-quarter financial results in February 2024.
