Lucid stories file quarterly automobile deliveries, meets manufacturing goal

Lucid Group on Monday reported file quarterly automobile deliveries for the fourth quarter and confirmed manufacturing of greater than 9,000 autos in 2024 — assembly a beforehand introduced goal.

The electrical automobile producer reported manufacturing of 9,029 models and deliveries of 10,241 automobiles in 2024. That included manufacturing of three,386 models and supply of three,099 autos through the fourth quarter, the corporate stated.

Final yr’s outcomes represented a 71% improve in deliveries and seven% uptick in manufacturing for Lucid in contrast with 2023.

Nevertheless, such will increase haven’t transcended to raised investments for buyers. Lucid’s inventory declined by roughly 28% final yr, as EV adoption has been slower than anticipated and the corporate has burned by means of billions of {dollars} in money because it discounted some fashions and prepares to launch a brand new SUV.

The corporate’s inventory rose almost 2% in 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 shortly because it beforehand anticipated.

Lucid ended the third quarter with $5.16 billion in complete liquidity. That excluded a $1.75 billion inventory providing and capital increase that shocked many buyers in October.

Lucid, which is basically backed by Saudi Arabia’s Public Funding Fund, is scheduled to announce its fourth-quarter monetary ends in February.