Groupon, Lucid In addition to confirming production of over 9,000 vehicles in 2024, which met a previously stated target, Monday revealed record quarterly vehicle deliveries for the fourth quarter.
In 2024, the electric vehicle company announced that 9,029 automobiles were produced and 10,241 were delivered. According to the firm, this includes 3,386 units produced and 3,099 vehicles delivered in the fourth quarter.
In comparison to 2023, Lucid’s performance from the previous year showed a 71% rise in deliveries and a 7% increase in production.
They haven’t, however, translated into superior investments for investors. Since EV adoption has been slower than anticipated and Lucid has spent billions of dollars on cash as it prepares to introduce a new SUV and discounts other models, the company’s stock fell about 28% last year.
During Monday morning’s trade, the company’s shares increased by almost 2%.
The Air car is Lucid’s only offering, and deliveries of it started in late 2021. The market has become more competitive since then, and the company has not expanded as rapidly as it had hoped.
Lucid had $5.16 billion in total liquidity at the end of the third quarter. This did not include a $1.75 billion capital raise and stock offering that caught many investors off guard in October.
In February, Lucid, which is primarily supported by the Public Investment Fund of Saudi Arabia, is expected to release its fourth-quarter financial results.
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