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 maker reported production of 9,029 units and deliveries of 10,241 cars in 2024. This included production of 3,386 units and delivery of 3,099 vehicles during the fourth quarter, the company said.
Last year’s results represented a 71% increase in shipments and a 7% increase in production for Lucid compared to 2023.
However, these increases have not translated into better investments for investors. Lucid shares fell about 28% last year as adoption of electric vehicles was slower than expected and the company spent billions of dollars in cash as it refreshed some models and prepared to launch a new SUV.
Shares of the company rose nearly 2% Monday morning.
Lucid’s only product is the Air sedan, which it began shipping in late 2021. Since then, the market has become more competitive and the company hasn’t scaled as quickly as it expected.
Lucid ended the third quarter with $5.16 billion in total liquidity. That excludes a $1.75 billion stock offering and capital raise that surprised many investors in October.
Lucid, largely backed by the Saudi Public Investment Fund, is expected to announce its fourth-quarter financial results in February.
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