Lucid's Q4 Deliveries Soar To New Highs, Gravity SUV Sets Optimism For Coming Months

Lucid Motors LCID on Monday reported fourth-quarter deliveries trumping expectations, sending its shares up 2.7% in pre-market trading on Tuesday.

What Happened: Lucid delivered 3,099 electric vehicles in the fourth quarter of 2024, the highest quarterly deliveries to date, marking a growth of about 79% compared to the corresponding quarter of 2023.

The luxury EV maker commenced deliveries in the last quarter of 2021 with its Air sedan. Since then, the company has gradually increased deliveries.

In late December, the company also started delivering its second vehicle – the Gravity SUV. Orders are now being taken for the Grand Touring trim of the SUV starting from $94,900. Production of the lower-priced Touring trim of the vehicle, starting at $79,900, will start only in late 2025, the company previously said.

Lucid is looking to expand its total addressable market with Gravity. Lucid CEO Peter Rawlinson previously said that with Gravity, the company has now entered a “market that’s about 6 times larger than our addressable market last year with Air.”

The Gravity is expected to rival Tesla Inc.’s Model X SUV which starts at $79,990 for the base version and goes up to $94,990 for the more premium Plaid version.

During Lucid’s first-quarter earnings call in May, the CEO said that Gravity has a "significant opportunity" that the Model X did not capture. While the Model X is a bit car-like, the Gravity is a proper three-row SUV and is on track to become the "world's best SUV," he said.

Lucid is also looking forward to starting production of a high-volume midsized platform priced at around $48,000 in late 2026 as a direct competitor to Tesla’s mass-market offerings Model 3 and Model Y.

Price Action: The stock closed up 1.2% on Monday at $3.33. The stock is up 9.5% year-to-date as of Monday’s closing price, according to data from Benzinga Pro.

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Photo courtesy: Lucid