On May 24, 2024, the new Lucid electric vehicle was parked in front of the Lucid Studio showroom in San Francisco.
Justin Sullivan | Getty Images
sobriety group It reported record quarterly vehicle deliveries for the fourth quarter on Monday and confirmed production will exceed 9,000 vehicles in 2024, meeting previously announced targets.
The electric vehicle maker reported production of 9,029 vehicles and deliveries of 10,241 vehicles in 2024.
Lucid’s deliveries increased by 71% last year compared to 2023, and production increased by 7%.
However, this growth has not resulted in better investments for investors. Lucid’s shares have fallen about 28% last year as adoption of electric vehicles has been slower than expected and the company has burned through billions of dollars in cash as it discounts some models and prepares to launch new SUVs.
The company’s shares were up about 5% in premarket trading Monday morning.
Lucid’s only product is the Air sedan, with deliveries starting in late 2021.
Lucid’s total liquidity at the end of the third quarter was $5.16 billion. That doesn’t include a $1.75 billion stock offering and financing in October that surprised many investors.
Lucid, which is largely backed by Saudi Arabia’s Public Investment Fund, is scheduled to report fourth-quarter financial results in February.
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