Lucid Group on Monday reported record quarterly vehicle deliveries for the fourth quarter and confirmed production of more than 9,000 vehicles in 2024 — meeting a previously announced target.

Luxury electric vehicle startup Lucid produced and delivered a record number of electric vehicles in the fourth quarter and full year of 2024. Lucid

Lucid’s production and delivery numbers come as the EV industry reckoned with slower growth in 2024 after EV sales surged in 2022 and 2023. Even Tesla, the largest EV maker in the US, saw sales disappoint in the quarter, along with its first year-over-year decline in sales.

Shares of Lucid Group ( LCID 5.78%) 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.