Lucid Group said on Thursday its deliveries rose in the fourth quarter from the previous three months, as discounts helped spur demand for its luxury electric sedans.

The company delivered 1,734 vehicles in the three months to Dec. 31, compared with 1,457 units it handed over in the previous quarter.

Shares of the the Newark, California-based company rose 2.6% in premarket trading.

Lucid introduced offers for its Air range of luxury sedans in November to stoke demand at a time when high borrowing costs have kept consumers away from big-ticket purchases.

The company produced 2,391 vehicles in the fourth quarter, bringing its annual production to 8,428 vehicles, which was in line with its lowered target of 8,000 to 8,500 units.

In November, Lucid cut its production forecast from its earlier projection of more than 10,000 units, saying it needed "to prudently align (its output) with deliveries".

  - Reuters