Shares of electric vehicle maker Lucid Motors are soaring after the company reported strong quarterly and annual sales results. In early trading, Lucid shares were up 8%. On Monday, Lucid announced that it produced 3,386 electric vehicles and delivered 3,099 in the fourth quarter of 2024.
This figure exceeds the production volume of 2,391 units and the delivery volume of 1,734 units in the previous quarter.
In 2024, 9,029 units were produced, and 10,241 units were delivered, which is a figure that exceeds the production volume of 8,428 units and the delivery volume of 6,001 units in the previous year.
This year is expected to be an important year for Lucid. The company plans to start mass production and increase sales of its electric SUV, Gravity.
It projects that Gravity sales could be five times that of the existing Air sedan and promises a more affordable electric SUV within the next two years.
Gravity, which starts at just under $80,000, is eligible for the $7,500 federal electric vehicle tax credit. However, the incoming Trump administration has said it will eliminate the credit. The company says the credit loss won’t significantly impact its high-income customers.
CEO Peter Rawlinson responded to a question about the tax credit loss shortly after President Donald Trump’s election by stating that Lucid is the least affected electric car manufacturer.
Lucid is scheduled to release detailed fourth-quarter and future production and overall financial results on February 25, 2025.
Lucid shares closed up 2.89% at $3.38.
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