Lucid’s (LCID) stock is trending on Monday after the EV maker reported record deliveries for the fourth straight quarter. Production also picked up in Q4, pushing Lucid over its 2024 target.
Lucid Q4 and full-year 2024 EV production and deliveries
Lucid built another 3,386 vehicles at its manufacturing plant in Casa Grande, Arizona, in the fourth quarter, representing over 40% growth compared to Q4 2023.
The higher output was enough for Lucid to meet its 2024 production goal of 9,000 vehicles, building a total of 9,029 EVs for the year. This reflects a 7% increase from 2023.
Lucid delivered 3,099 vehicles in Q4 2024, marking its fourth quarter with record EV deliveries. The company said around 7% of which were leases. For the full year, Lucid delivered 10,241 vehicles in 2024, up 70% from the 6,001 EVs handed over in 2023. Of them, around 5% were leases.
Like many carmakers, Lucid is offering significant incentives and discounts to drive growth. Several 2025 Lucid Air models are available with up to $12,500 in savings this month.
| Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Full-year 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full-year 2024 | |
| Lucid EV deliveries by quarter | 1,932 | 1,406 | 1,404 | 1,457 | 6,001 | 1,734 | 1,967 | 2,394 | 2,781 | 3,099 | 10,241 |
Starting at $69,900, the 2025 Lucid Air Pure sedan is significantly cheaper than the roughly $90,000 for a 2023 model.
Top comment by Michael
It'll be interesting to see how quickly Gravity manufacturing ramps up this year. It seems the team at Lucid is planning to ramp a bit slowly, with priority number 1 being ensuring that production quality is kept very high. But the company's ability to show decent growth with the Air seems likely to mean that quarterly deliveries will be on a steady upward pace all through 2025.
Lucid is cutting costs with advanced new tech, which CEO Peter Rawlinson claims is still years ahead of the competition. With the 2025 Air Pure being the “World’s most efficient car,” the EV maker is backing up its claims.
With its first electric SUV, the Gravity, hitting the market, Lucid is expected to see even more growth in 2025. In late 2026, the company will begin building its new mid-size platform, which will produce lower-cost electric SUV and sedan models. Rawlinson said the new mid-size EVs will be “right in the heart of Tesla Model 3, Model Y territory.”
Lucid’s record quarter comes after Rivian (RIVN) also beat Q4 expectations. With 51,579 EVs delivered in 2024, Rivian was within its 50,500 to 52,000 target.
The company will release its Q4 2024 financial results on Tuesday, February 25, 2025, after the market closes. Lucid’s stock is trending after another record quarter. Although LCID share prices are up around 50% since its Q3 earnings in November, they are still down 11% over the past 12 months.
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