Model new Lucid electrical vehicles sit parked in entrance of a Lucid Studio showroom in San Francisco on Could 24, 2024.
Justin Sullivan | Getty Photographs
Lucid Group on Monday reported report quarterly automobile deliveries for the fourth quarter and confirmed manufacturing of greater than 9,000 autos in 2024 — assembly a beforehand introduced goal.
The electrical automobile producer reported manufacturing of 9,029 items and deliveries of 10,241 vehicles in 2024. That included manufacturing of three,386 items and supply of three,099 autos throughout the fourth quarter, the corporate mentioned.
Final yr’s outcomes represented a 71% improve in deliveries and seven% uptick in manufacturing for Lucid in contrast with 2023.
Nonetheless, such will increase haven’t transcended to higher investments for traders. Lucid’s inventory declined by roughly 28% final yr, as EV adoption has been slower than anticipated and the corporate has burned by billions of {dollars} in money because it discounted some fashions and launches a brand new SUV.
The corporate’s inventory rose practically 2% in buying and selling Monday morning.
Lucid’s first product was the Air sedan, which it started delivering in late 2021. Since then, the market has grown extra aggressive, and the corporate has not scaled as shortly because it beforehand anticipated.
Lucid ended the third quarter with $5.16 billion in complete liquidity. That excluded a $1.75 billion inventory providing and capital elevate that shocked many traders in October.
Lucid, which is basically backed by Saudi Arabia’s Public Funding Fund, is scheduled to announce its fourth-quarter monetary ends in February.
