Lucid Group's (NASDAQ:LCID) shares experienced a 2.6% increase in premarket trading Thursday morning following the company's announcement of a rise in deliveries during the fourth quarter compared to the previous three months.
The boost in demand for its luxury electric sedans was attributed to discounts offered by the company. Lucid delivered 1,734 vehicles in the period ending on December 31, surpassing the 1,457 units handed over in the previous quarter.
Lucid introduced promotional offers in November for their Air luxury sedan line to stimulate demand amid a period of reduced consumer activity in significant purchases, influenced by elevated borrowing costs.
Throughout the fourth quarter, the company manufactured a total of 2,391 vehicles, contributing to an annual production figure of 8,428 units. This production volume aligned with Lucid's revised target range of 8,000 to 8,500 units, which was adjusted from its initial projection of over 10,000 units in November.
Shares of LCID are down 1.02% in early trading Thursday morning.