Shares of Lucid Group (NASDAQ: LCID) shot higher by more than 10% this morning after the company released its fourth-quarter electric vehicle (EV) delivery results. While it didn’t hold all of its gains, the stock was still higher by 4% as of 11:35 a.m. ET.

The move has increased the sharp rise in Lucid shares over the past month to more than 60%.

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Lucid notches EV delivery record

Lucid produced a record 3,386 vehicles and delivered 3,099 vehicles in the fourth quarter. For the full year, the company produced just over 9,000 vehicles and delivered 10,241 EVs. Deliveries outpacing production is a trend seen from fellow EV start-up Rivian Automotive as well as EV leader Tesla last week.

That bodes well for upcoming fourth-quarter and full-year financial results, as inventory levels have decreased. Lucid will be reporting those results after the market closes on Feb. 25.

Lucid’s delivery results for the year represent an increase of 71% compared to 2023. Production levels, however, increased by only 7%. Still, the company should show some improvement in its financials from higher sales helping to cover fixed costs. In the first nine months of 2024, Lucid reported a loss from operations of $2.3 billion.

Investors know the company isn’t yet close to becoming profitable at these production levels. More important will be what the company says about orders for its new Gravity SUV, which was due to begin production on one model before the end of 2024. Lucid will begin production of a second model trim later this year.

The Gravity is an important new offering from the company, as it previously only sold luxury electric sedans. Investors noted the increase in production and deliveries of those Air sedans today, though, by sending the stock higher.

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Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.