Lucid Delivers 9,029 EVs in 2024 - Production Target Met

Lucid Achieves Record EV Production and Deliveries in 2024

Lucid, the electric vehicle manufacturer, reported record production and delivery figures for both the fourth quarter and the entirety of 2024. This marks a significant milestone for the company.

Q4 and Full-Year Performance

During the final quarter of the year, 3,386 vehicles were manufactured and 3,099 were delivered to customers. The total production for 2024 reached 9,029 vehicles.

A total of 10,241 vehicles were delivered throughout 2024, successfully achieving the company’s previously stated goal of approximately 9,000 units produced for the year.

Year-Over-Year Growth

Production figures demonstrate an increase of roughly 7% compared to the 8,428 vehicles produced in 2023. Deliveries experienced a substantial rise of 70% from the 6,001 vehicles delivered in the prior year.

Details regarding Lucid’s fourth quarter and full-year financial performance will be discussed during an earnings call scheduled for February 25th.

Market Context and Competition

This increase in deliveries occurs at a time when established automakers like Tesla have observed a decline in sales. This is attributed to heightened competition and a demand for electric vehicles that hasn't met initial projections.

Despite this, the overall trend for EV sales remains positive, although the growth rate is less dramatic than anticipated by many manufacturers.

Expanding the Product Lineup

To date, Lucid’s primary offerings have been the Air series, a range of high-end sedans. Pricing for these vehicles begins at $69,900 and extends up to $250,500.

The company initiated production of its first Gravity SUV in December, and initial customer deliveries commenced last week. Plans are in place to increase production volume of the SUV.

The Importance of Gravity

The success of the Gravity SUV is considered crucial. The Air sedan experienced a slower initial uptake than expected, and Lucid requires a successful launch to attract a broader customer base.

Note: A correction was made to the original article regarding the date of Lucid’s upcoming earnings call.