Lucid (LCID) stock sinks to a new low after Q4 EV deliveries fall YOY

Shares of Lucid (LCID) hit a new low after Q4 EV deliveries slipped year-over-year (YOY). Lucid stock is down 7% Thursday, hitting a new low amid the news.

Lucid sees Q4 EV deliveries slip from 2022

Lucid delivered 1,734 vehicles during the last three months of 2023. Although that’s up slightly from the third quarter (1,456), deliveries are still down from their peak in Q4 2022.

With 1,932 vehicles handed over in Q4 2022, Lucid’s deliveries are down nearly 12% YOY.

Production is also still down from its peak. Lucid built 2,391 EVs in Q4, down 30% YOY (3,493). Meanwhile, the number is up slightly from the 1,550 vehicles produced in Q3 2023.

Lucid delivered a total of 6,001 vehicles in 2023, representing 28% growth over the 4,369 EVs handed over in 2022.

The EV maker hit its (revised) production goal after building 8,428 EVs last year. Lucid said it expected to build between 8,000 and 8,500 EVs in November, down over 40% from the higher end of its initial 10,000 to 14,000 goal.

Lucid’s quarterly growth comes after slashing prices on its Air electric cars by up to $12,000 last year. It also began delivering its Tesla Model S Plaid rival Lucid Air Sapphire.

Lucid stock is down 7% Thursday following its Q4 EV deliveries report, hitting a new low. Lucid shares are down over 60% over the past 12 months.

The EV maker hopes the launch of its first electric SUV, the Lucid Gravity, can help spark momentum in 2024.

Electrek’s Take

Lucid has failed to keep up with rivals including Rivian and Tesla in the premium EV market. The base Lucid Air Pure, starts at $77,400. That’s still over $2,400 more than the Tesla Model S. Meanwhile, the Tesla’s Model S Plaid costs $89,990 while the Lucid Sapphire will run you over $249,000.

The Gravity electric SUV, starting around $80,000, will likely boost demand. Rival Rivian’s electric SUV, the R1S cracked the top-ten best selling EVs in the US last year with 24,783 models sold.

We’ll learn more about Lucid’s financial situation with its Q4 earnings report due out February 21. Check back for more.