Lucid Motors Reports Record 2024 Deliveries

Lucid Group, Inc. reported record production and delivery numbers for the fourth quarter of 2024, with 3,386 vehicles produced and 3,099 delivered, marking a 42% and 78.7% increase respectively from the previous year. For the full year, Lucid produced 9,029 vehicles and delivered 10,241, achieving a 71% rise in deliveries compared to 2023. Despite these gains, Lucid's stock has declined by 28% last year amid slower EV adoption and high cash burn. The company is preparing for the launch of its first electric SUV, the Gravity, which is expected to drive significant growth with projected sales five times higher than its Air sedan. Lucid's CEO, Peter Rawlinson, believes the brand is relatively unaffected by the potential loss of the federal EV tax credit under the new Trump administration due to its higher-income customer base. Lucid will reveal more financial details in its fourth-quarter earnings call scheduled for February 25, 2025.