Model new Lucid electrical automobiles sit parked in entrance of a Lucid Studio showroom in San Francisco on Might 24, 2024.
Justin Sullivan | Getty Photos
Lucid Group on Monday reported file quarterly car deliveries for the fourth quarter and confirmed manufacturing of greater than 9,000 automobiles in 2024 — assembly a beforehand introduced goal.
The electrical car producer reported manufacturing of 9,029 items and deliveries of 10,241 automobiles in 2024. That included manufacturing of three,386 items and supply of three,099 automobiles in the course of the fourth quarter, the corporate stated.
Final yr’s outcomes represented a 71% enhance 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 way of billions of {dollars} in money because it discounted some fashions and prepares to launch a brand new SUV.
The corporate’s inventory rose roughly 5% in premarket buying and selling Monday morning.
Lucid’s sole product is 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 rapidly because it beforehand anticipated.
Lucid ended the third quarter with $5.16 billion in whole liquidity. That excluded a $1.75 billion inventory providing and capital elevate that shocked many traders in October.
Lucid, which is essentially backed by Saudi Arabia’s Public Funding Fund, is scheduled to announce its fourth-quarter monetary leads to February.
