Shares of Lucid Group (NASDAQ:LCID) dropped more than 6% intra-day today despite the company reporting increased vehicle deliveries in the fourth quarter compared to the preceding three months. The heightened interest in Lucid’s luxury electric sedans is largely attributed to the company’s strategic discount offerings.

In the quarter ending December 31, Lucid delivered 1,734 vehicles, exceeding the 1,457 units delivered in the previous quarter. The company had introduced promotional incentives in November for their Air luxury sedan line, aiming to boost demand during a period marked by lower consumer spending on major purchases, partly due to high borrowing costs.

Throughout the fourth quarter, Lucid produced a total of 2,391 vehicles, culminating in an annual production of 8,428 units. This production count falls within Lucid’s revised target range of 8,000 to 8,500 units, a downward adjustment from the initial forecast of over 10,000 units announced in November.

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