Lucid Motors Struggles with Demand Despite Increased Production

Company's stock hits new low as Q4 deliveries fall, hopes pinned on upcoming Lucid Gravity SUV.

Lucid Motors delivered 6,001 vehicles in 2023, a 28% increase from the previous year, but fell short of its production goal of 8,428 vehicles.
Lucid's Q4 2023 deliveries were down nearly 12% year-over-year, with 1,734 vehicles delivered compared to 1,932 in Q4 2022.
Despite launching the cheaper Lucid Air Pure model and cutting prices on its Air electric cars by up to $12,000, the company continues to struggle to generate demand.
Lucid's stock is down 7% following its Q4 EV deliveries report, hitting a new low with shares down over 60% over the past 12 months.
The company hopes the launch of its first electric SUV, the Lucid Gravity, will boost demand in 2024.