Lucid Group Inc (NASDAQ:LCID) shares rose nearly 5% on Monday morning after the luxury electric vehicle maker reported fourth-quarter deliveries that exceeded expectations, driven by price cuts and attractive financing offers.
The Saudi-backed automaker delivered 3,099 vehicles in the quarter ended December 31, surpassing analysts’ estimates of 2,637, an 11% increase from the previous quarter and a 78% jump from a year earlier.
Production in the quarter rose 42% year-on-year to 3,386 vehicles, topping estimates of 2,904 units.
For 2024, Lucid produced 9,029 vehicles, slightly above its 9,000-unit target, while annual deliveries surged 71% to 10,241 vehicles.
Lucid, which began accepting orders for its upcoming Gravity SUV in November, is looking to capture market share in the competitive SUV sector, dominated by Rivian and Tesla.
The company has cut costs and raised $1.75 billion through a stock sale in October to extend its cash runway into 2026.
Lucid is set to release its fourth-quarter earnings on February 25.