Lucid just dropped its Q4 and full-year 2024 delivery results, and investors are buzzing with excitement. The company hit its production and delivery targets for the year—a reassuring sign for those keeping a close eye on the EV market.
Breaking Down the Numbers
Lucid produced 9,029 vehicles in 2024 and delivered 10,241. These figures represent a year-over-year (YoY) growth of 7.1% in production and a staggering 70.6% in deliveries.
Lucid
The significant increase in deliveries highlights a strong consumer demand for Lucid’s electric vehicles. This growth is particularly important as the company positions itself to compete with industry giants like Tesla and Rivian.
What’s Driving Investor Confidence?
The impressive delivery numbers have instilled confidence in Lucid’s ability to navigate challenges and meet consumer demand. Investors are especially optimistic about the upcoming launch of Lucid’s highly anticipated SUV, the Lucid Gravity, which is set to hit the roads this year. The Gravity is expected to expand Lucid’s market reach and contribute to even more robust delivery figures in 2025.
Lucid will dive deeper into its Q4 2024 financial results during a conference call scheduled for Tuesday, February 25, 2025, at 2:30 PM PT / 5:30 PM ET.
How Does Lucid Stack Up Against Rivian?
While Lucid’s growth is impressive, Rivian has also been making headlines with its consistent delivery numbers and focus on the adventure-ready EV segment. Rivian also had great 2024 with meeting the goals, unfortunately earlier this year Rivian had to reduce their goal due to parts shortage. Now that Rivian is back on track, 2025 will bring excitement as these two newcomers competes with each other especially new Gravity competing with R1S.
Rivian
Final Thoughts
Lucid’s ability to meet targets and grow deliveries is a strong signal that it’s carving out a solid place in the competitive EV market. With the Gravity on the horizon, the company seems poised for an exciting 2025.
