Lucid surpasses quarterly vehicle delivery record, achieves production target.

• Lucid Group reported record quarterly vehicle deliveries for the fourth quarter.
• In 2024, the electric vehicle manufacturer reported producing 9,029 units and delivering 10,241 cars.
• In 2023, there was a 71% increase in deliveries and a 7% increase in production compared to the previous year.

The company 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.

In 2024, the electric vehicle manufacturer produced 9,029 units and delivered 10,241 cars, with 3,386 units and 3,099 vehicles produced and delivered in the fourth quarter, respectively.

In 2023, Lucid experienced a 71% increase in deliveries and a 7% rise in production compared to the previous year.

Despite the increase in EV adoption, Lucid's stock declined by roughly 28% last year, as the company has burned through billions of dollars in cash and discounted some models in preparation for launching a new SUV.

The company's stock rose roughly 5% in premarket trading Monday morning.

The Air sedan is Lucid's only product, which it started delivering in late 2021. However, the market has become more competitive, and the company has not grown as quickly as expected.

Despite a $1.75 billion stock offering and capital raise in October, Lucid ended the third quarter with $5.16 billion in total liquidity.

Saudi Arabia's Public Investment Fund largely supports Lucid, which will reveal its fourth-quarter financial results in February.