Electric vehicle maker Lucid delivered a record number of cars in the fourth quarter, according to a report released by the company. This resulted in the company’s stock soaring 9% at one point in early trading.
Lucid said it delivered 3,099 vehicles in the quarter that ended on December 31, compared to 2,637 units expected by analysts. This figure marks an 11% jump compared to the previous quarter and a 78% year-over-year increase.
The deliveries were boosted by a growing demand for Lucid EVs, especially its luxury sedan model Air. Lucid fuelled the demand by slashing prices and offering more customer-friendly financing options.
The Newark, California-headquartered company also ramped up its production. In Q4, it produced 3,386 EVs, 42% more than in the same period in 2023. Analysts, on the other hand, estimated the production of 2,904 cars.
Lucid, which is backed by Saudi Arabia’s sovereign wealth fund, also managed to surpass its production goal for 2024. The EV maker projected a total of 9,000 units produced before ending the year with 9,029 cars.
Lucid’s shares closed at $3.29 per share on Friday, up 3.13% year-to-date. The stock jumped to $3.60 per share to open this week before starting to trend down.