Lucid (LCID) stock is surging on Monday after the EV-maker reported upbeat sales results for the quarter and full year.
Lucid said it produced 3,386 EVs and delivered 3,099 in the fourth quarter, up from the 2,391 produced and 1,734 delivered last quarter. For the year Lucid reported production of 9,029 units and delivered 10,241, up from the 8,428 produced and 6,001 delivered a year ago.
Though Lucid no longer issues production guidance, earlier in the year it guided for 9,000 vehicles produced in 2024.
Lucid stock jumped 8% in early trade.
Lucid’s production and delivery numbers come as the EV industry reckoned with slower growth in 2024 after EV sales surged in 2022 and 2023. Even Tesla, the largest EV-maker in the US saw sales disappoint in the quarter, along with its first year over year decline in sales.
This year stands to be a big one for Lucid, as the California-based company begins volume production and ramps up sales of its Gravity SUV. Lucid has projected that Gravity sales could 5 times that of the existing Air sedan, and the company is promising a cheaper SUV in the next couple of years.
The Gravity, which will start under $80,000, makes it eligible for the federal EV tax credit of $7,500, however the incoming Trump administration has indicated it will scrap the tax credit. The company believes that loss of the tax credit will not have that big of an impact for its higher-income clientele.
“Lucid, amongst all the EV makers, is really the most immune from that,” said CEO Peter Rawlinson when asked about loss of the tax credit in an interview with Bloomberg shortly after Trump’s election win.
Lucid and Rawlinson will reveal more details of the company’s fourth quarter and future production, as well as full financial performance when the company reports Q4 results on Tuesday, February 25 after the bell.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
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