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PIF-backed EV maker Lucid beats 2024 delivery estimates

By Chris Hamill-Stewart
Lucid started taking orders for its Gravity SUV in November, in an attempt to take some market share from rival Rivian and market leader Tesla delivers deliveries delivered Lucid
Lucid started taking orders for its Gravity SUV in November, in an attempt to take some market share from rival Rivian and market leader Tesla
  • Delivered 3,099 vehicles in Q4
  • Shares up 3% on positive results
  • Lost almost $1bn by Q3 2024

Electric vehicle maker Lucid beat expectations for deliveries in the fourth quarter of 2024.

The company delivered 3,099 EVs in the fourth quarter of 2024, above the estimated 2,637, according to analysts at Visible Alpha.

Production rose to 3,386 vehicles in the reported quarter, surpassing estimates of 2,904 units.

In total, the company delivered 10,241 vehicles in 2024.

The results sent shares in the PIF-backed carmaker up by about 3 percent on Monday – though Lucid’s stock has fallen by 25 percent over the course of 2024.

The company lost almost $1 billion in the first three quarters of 2023, while revenue reached $200 million.

Lucid has reduced its workforce as part of cost-cutting efforts, though the EV maker still loses tens of thousands of dollars per vehicle. 

Lucid started taking orders for its Gravity SUV in November, in a bid to take some market share from rival Rivian and market leader Tesla, which released its Cybertruck in late 2023.

News of Lucid’s successful deliveries comes in the context of a turbulent EV market, which is being disrupted by low-cost Chinese vehicles and increasing trade tensions.

Tesla recorded its first annual drop in sales in 2024 in a decade, with deliveries down 1.1 percent over the year, while US EV maker Rivian – which is backed by Saudi conglomerate Abdul Latif Jameel and Amazon – posted better-than-expected deliveries in Q4 2024.

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