Lucid (LCID) stock falls to a new low as Q4 EV deliveries decline year on year

Lucid (LCID) stock is down 7% Thursday, hitting a new low amid news that Q4 EV deliveries fell year over year (YOY).

Lucid sees Q4 EV deliveries slip from 2022

Lucid delivered 1,734 vehicles during the last three months of 2023, up slightly from the third quarter (1,456), but deliveries are still down from their peak in Q4 2022. With 1,932 vehicles handed over in Q4 2022, Lucid's deliveries are down nearly 12% YOY. Production is also down from its peak. Lucid built 2,391 EVs in Q4, down 30% YOY (3,493) but up slightly from the 1,550 vehicles produced in Q3 2023

Lucid said it expected to build between 8,000 and 8,500 EVs in November, down more than 40% from the higher end of its initial 10,000 to 14,000 goal. 

Lucid's quarterly growth comes after slashing prices on its Air electric cars by up to $12,000 last year. It also began delivering its Tesla Model S Plaid rival Lucid Air Sapphire.

2024 Lucid Air (Source: Lucid Motors)

Lucid stock is down 7% Thursday on its Q4 EV deliveries report, reaching a new low, and is down more than 60% in the last year.

Lucid stock chart over the past 12 months (Source: TradingView)

The EV manufacturer thinks that the release of its first electric SUV, the Lucid Gravity, would help fuel momentum in 2024.