Lucid closed 2024 with continued growth in deliveries and production, signaling increasing demand for its luxury electric vehicles (EVs) despite ongoing financial challenges.
Lucid closed out 2024 with a fourth consecutive quarter of record deliveries. The company, backed by Saudi Arabia’s Public Investment Fund, delivered 3,099 vehicles in Q4, surpassing analyst projections of 2,637 and marking an 11% increase over the third quarter. Compared to Q4 2023, deliveries rose by 78%.
On the production side, Lucid manufactured 3,386 vehicles in Q4, reflecting a 42% year-over-year (YoY) growth and exceeding estimates of 2,904 units.
For the full year, Lucid produced 9,029 vehicles, just surpassing its target of 9,000. Deliveries for 2024 totaled 10,241 vehicles, representing a 71% increase compared to 2023.
Despite the positive delivery and production numbers, Lucid continues to face financial pressures. The company’s strategy of lowering prices to stimulate demand has raised concerns about long-term profitability, as Lucid is still losing significant amounts per vehicle sold. A $1.75 billion stock offering in October has provided a financial cushion expected to sustain operations well into 2026.
A highlight of Lucid’s year was the November launch of pre-orders for its Gravity SUV, and the first deliveries to employees and friends and family last month. The Gravity SUV marks Lucid’s second model, broadening the company’s product portfolio and potentially attracting a new segment of EV buyers.
Lucid’s stock experienced volatility throughout 2024, declining by approximately 28%. However, shares edged up nearly 3% following the Q4 delivery announcement.
Lucid is scheduled to release its full Q4 financial results on February 25, 2025. The market will closely watch the company’s earnings report to assess profitability trends and gain further insight into Lucid’s path forward in the competitive EV landscape.
