Lucid Group announced record quarterly vehicle deliveries for Q4 2024, achieving its target of producing over 9,000 vehicles. The electric vehicle manufacturer delivered 10,241 cars and produced 9,029 units in 2024, marking a 71% increase in deliveries and a 7% rise in production compared to 2023. Despite these improvements, investor confidence remains shaken due to slower-than-expected EV adoption and cash burn. Lucid's stock, however, saw a near 2% increase following the announcement.
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.
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 Group Electric Vehicles EV Production Quarterly Deliveries Stock Performance
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