Lucid Group reported a record-breaking fourth quarter with 3,099 vehicles delivered. The company also met its 2024 production target, manufacturing 9,029 units and delivering 10,241 cars. This represents a 71% increase in deliveries and a 7% rise in production compared to 2023. Despite these achievements, Lucid’s stock fell by approximately 28% last year due to slower EV adoption rates and significant cash burn. The company’s liquidity stood at $5.16 billion at the end of the third quarter, not including a $1.75 billion stock offering in October. Lucid, primarily backed by Saudi Arabia’s Public Investment Fund, is set to announce its fourth-quarter financial results in February.
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