Summary by Futu AI
On February 21, 2024, Lucid Group, Inc., a luxury electric vehicle manufacturer, reported its financial results for the fourth quarter and the full year of 2023. The company announced that it had delivered 1,734 vehicles in the fourth quarter and a total of 6,001 vehicles for the year, marking a 37% increase from 2022. Lucid met the higher end of its annual production guidance by manufacturing 8,428 vehicles in 2023. The fourth quarter saw revenues of $157.2 million, contributing to the annual revenue of $595.3 million. Lucid ended the quarter with approximately $4.78 billion in total liquidity. Looking forward, Lucid has set a production guidance of approximately 9,000 vehicles for 2024 and is focusing on expanding its vehicle lineup and market reach. The company's CEO, Peter Rawlinson, highlighted investments in technology and manufacturing, as well as strategic partnerships, as key drivers for Lucid's growth. The financial results were disclosed in a press release and will be further discussed in a conference call with analysts and investors.