One big reason for optimism is that deliveries shot up 71% in 2024 compared to the year before, hitting 10,241 cars delivered.
This year, Lucid is also expanding its offerings with the introduction of the Gravity SUV, its first electric SUV model.
Financially, Lucid continues to face challenges. The company reported a net loss of $3.06 billion for 2024, despite a 50% increase in revenue to $234.5 million in the fourth quarter.
But the main factor for Lucid continued survival in such turbulent markets is Saudi Arabia’s Public Investment Fund (PIF)’s instrumental support for Lucid’s growth. Over the years, PIF has invested billions into Lucid. Notably, in 2024, PIF committed an additional $1.5 billion.
With the support from PIF, Lucid need not worry so much about its finances. In 2026, the company expects to begin launching several new mass market vehicles with price points under $50,000. This would unlock millions of new potential buyers, just like what Tesla achieved when it launched its affordable Model Y and Model 3 vehicles. If Tesla's historical sales trajectory is any indication, Lucid could keep its rapid sales growth pace sustained for several more years.
Modify on 2025-05-01 13:09
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- Venus Reade·05-02Selling other stocks and going all in on Lucid; and staying long for at least 5-6yrs!1Report
- Mortimer Arthur·05-02Will lucid hit 3 by the end of the weekLikeReport