Lucid Delivered A Record 10,241 Cars In 2024
Briefly

Lucid Motors ended 2024 with a bang, reporting record deliveries both on a quarterly basis and for the full year. This is a positive trajectory for the American EV startup, signaling that the drastic measures taken, including price slashing and incentives, have successfully attracted more buyers. Their delivery numbers, with a 71% increase year-on-year, are particularly impressive against the backdrop of tough competition, specifically Tesla, which delivered 1.79 million vehicles. This reflects a growing acceptance of Lucid's offerings.
CEO Peter Rawlinson emphasized that brand awareness is the main challenge for Lucid Motors rather than production capacity. He believes that if more consumers were aware of Lucid's vehicles, sales could vastly increase. This situation poses a challenge for an early-stage company, as scale is critical to managing development costs and sustaining factory operations. Lucid, along with other EV startups, must ramp up sales significantly to stabilize financially and ensure long-term survival.
Despite the substantial sales increase, Lucid Motors is still far from its 2020 goal of selling 90,000 vehicles by 2024. The company struggles to find a large enough market for its flagship Air sedan, which, while highly regarded, has not translated into expected sales. While their relationship with the Saudi Public Investment Fund provides necessary financial backing, Lucid faces significant losses and knows it must sell many more than 10,000 cars annually to move towards profitability.
Read at InsideEVs
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