Electric Vehicle Manufacturer Lucid Group Sees Significant Growth in Q4
Production and Delivery Numbers Soar
Lucid Group, Inc. (NASDAQ:LCID) shares surged on Monday following the company’s announcement of its electric vehicle (EV) production and delivery totals for the fourth quarter. The numbers were impressive, with Lucid producing 3,386 vehicles and delivering 3,099 vehicles for the quarter ended December. This represents a significant jump of 42% and 78.7%, respectively, from the same period last year.
Year-Over-Year Growth Exceeds Expectations
In comparison, the company produced 1,805 vehicles and delivered 2,781 vehicles in the third quarter of 2024. For the full year 2024, Lucid Group reported producing 9,029 vehicles and delivering 10,241 units, with 5% of the deliveries subject to operating lease accounting. This marks a 7.1% and 70.6% increase year-on-year, respectively.
Earnings Report Scheduled for Late February
Lucid has scheduled its fourth-quarter earnings report to be released after the closing bell on February 25. The company will host a conference call to discuss the results on the same day.
Revenue Beats Estimates
In its third-quarter report, Lucid posted revenue of $200.04 million, surpassing the analyst consensus estimate of $197.97 million.
New Vehicle Offerings on the Horizon
In November 2024, Lucid began taking orders for the Gravity SUV, with the initial orders limited to the Grand Touring trim starting at $94,900. However, production of the lower-priced Touring trim, starting at $79,900, is not expected to begin until late 2025. Additionally, Lucid has announced plans to produce a midsized platform priced at approximately $48,000 by late 2026, targeting Tesla’s mass-market offerings, the Model 3 and Model Y.
Stock Price Reaction
As a result of the positive news, LCID shares are trading higher by 1.66% at $3.345.
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