Luxury electric vehicle startup Lucid has reported a record number of electric vehicle (EV) production and deliveries for the fourth quarter (Q4) and the full year of 2024.
In Q4, the company produced 3,386 vehicles and delivered 3,099 units. For the full year, Lucid produced 9,029 vehicles and delivered 10,241, achieving its target of approximately 9,000 units for the year.
This marks a 7% increase in production compared to 2023, when Lucid produced 8,428 units. Deliveries saw a more significant increase, rising by 70% from 6,001 in 2023. Lucid’s fourth-quarter results were particularly strong as the company ramped up production to meet growing demand.
Lucid’s performance comes amid a challenging period for the broader EV market, with incumbents like Tesla experiencing a decline in sales due to increased competition and softer-than-expected demand for EVs. However, overall EV sales continue to show growth, albeit at a slower pace than anticipated.
The company’s earnings call is scheduled for February 25, where more financial details will be shared. Lucid’s lineup is dominated by its Air sedans, priced between $69,900 and $250,500.
In December, the company also began production of its highly anticipated Gravity SUV, with initial deliveries having started last week. The Gravity’s success will be key to Lucid’s ability to attract new buyers and expand its market share, especially after the slower-than-expected launch of the Air sedan.
