Lucid Group, Inc. (NASDAQ: LCID) has announced its financial results for the fourth quarter and full year of 2024. The company produced 3,386 vehicles in Q4 and 9,029 vehicles for the entire year, aligning with its annual production guidance of 9,000 vehicles. Deliveries reached 3,099 vehicles in Q4 and 10,241 vehicles for the year, marking a 79% increase compared to Q4 2023 and a 71% rise from the full year 2023.
In Q4, Lucid reported revenue of $234.5 million, with an annual revenue of $807.8 million. The company ended the quarter with approximately $6.13 billion in total liquidity. The GAAP net loss per share was $(0.22) in Q4 and $(1.25) for the full year, while the non-GAAP net loss per share was $(0.22) in Q4 and $(1.04) for the year.
Lucid has set a 2025 production target of approximately 20,000 vehicles and will continue to manage production to meet sales and delivery demands. The company also announced a leadership transition, with Marc Winterhoff, COO, appointed as Interim CEO, and Peter Rawlinson moving to the role of Strategic Technical Advisor to the Chairman of the Board.
Peter Rawlinson expressed pride in the company’s growth over his tenure, transitioning from a small startup to a leader in sustainable mobility. Marc Winterhoff, the newly appointed Interim CEO, emphasized the focus on ramping production of the Lucid Gravity, technology licensing, and the Midsize platform vehicles. Interim CFO Gagan Dhingra highlighted the company’s progress in improving gross margins and strengthening its balance sheet with support from the Public Investment Fund (PIF).
Lucid hosted a conference call for analysts and investors on February 25, 2025, with a live webcast available on their investor relations website.
— news from Lucid Group