Lucid Motors Achieves 10,241 Deliveries In 2024: Record Growth And New Horizons

Lucid Motors went through 2024 with its fourth consecutive quarter of record deliveries, marking a substantial milestone in the company’s journey to establish itself in the competitive electric vehicle (EV) market.

According to Lucid, the company delivered 10,241 vehicles throughout 2024, representing a dramatic 70% increase from the 6,001 vehicles delivered in 2023. As for Q4 2024, Lucid delivered 3,099 vehicles, around 7% of which were through lease agreements. Production at the company’s Casa Grande, Arizona plant also showed momentum, with 3,386 vehicles produced in the quarter – a 40% improvement compared to the same period in 2023. This production surge helped Lucid narrowly exceed its annual target of 9,000 vehicles, with total production reaching 9,029 units for 2024.

However, these numbers tell a complicated story about Lucid’s position in the EV market. While the growth is outstanding in percentage terms, the absolute numbers highlight the significant gap between Lucid and industry leader Tesla, which delivered 1.79 million vehicles in 2024. Moreover, Lucid’s current performance falls considerably short of its earlier ambitions – the company had originally projected deliveries of 90,000 vehicles in 2024 when it made forecasts back in 2020.

To drive sales growth, Lucid has implemented fierce pricing strategies. The 2025 Lucid Air Pure sedan now starts at $69,900, a substantial reduction from the around $90,000 price tag of the 2023 model. Additionally, the company is currently offering up to $12,500 in savings on select 2025 Air models.

Furthermore, Lucid has begun diversifying its product lineup with the introduction of its first SUV, the Gravity. Production of this new model recently started at the Arizona plant, with initial deliveries to select customers already underway. The Gravity, priced starting at $94,900, symbolizes Lucid’s effort to tap into the popular luxury SUV segment and potentially attract a broader customer base.

CEO Peter Rawlinson remains optimistic about the company’s technological advantages, particularly highlighting the 2025 Air Pure’s status as the “World’s most efficient car.” The company is also developing a new mid-size platform scheduled for late 2026, which will produce more affordable electric SUVs and sedans aimed directly at competing with Tesla’s Model 3 and Model Y vehicles.

The company’s ability to achieve profitable scale remains crucial to its long-term success. While Lucid benefits from substantial backing from the Saudi Public Investment Fund, it is clear that significantly higher production and sales volumes will be necessary to spread out the considerable costs of vehicle development and manufacturing operations.

Read More: Lucid Motors Presents “Hey Lucid”: The AI-Powered Assistant For An Enhanced In-Car Experience

As Lucid enters 2025, the combination of its expanded product line, aggressive pricing strategy, and continued technological innovation may help the company build on its 2024 momentum. Lucid’s upcoming Q4 2024 financial results are scheduled for release after market close on February 25, 2025.

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