Lucid Motors (LCID), an electric vehicle (EV) startup, released its fourth-quarter earnings, surpassing expectations and projecting significant growth for 2025. The company anticipates producing approximately 20,000 EVs this year, driven by the rollout of its first electric SUV, the Gravity. In 2024, Lucid delivered 10,241 vehicles, marking a 70% increase from 2023. The final quarter saw deliveries of 3,099 vehicles, nearly 80% more than the previous year, and met its production target with 9,029 EVs manufactured at its Arizona plant. Despite generating $200 million in Q3 revenue, Lucid’s net loss widened to $992.5 million. Wall Street forecasts Q4 revenue of $214 million, up from $157.2 million in Q4 2023, with an expected EPS loss of 0.25. Lucid reported Q4 revenue of $234.5 million, a near 50% increase from the prior year, and improved gross margins by 72 points to -89%. The company ended the quarter with $6.13 billion in liquidity, sufficient until the planned mid-2026 launch of its midsize platform. CEO Peter Rawlinson stated that this platform will enable direct competition with Tesla, targeting the Model 3 and Model Y markets. Interim CFO Gagan Dhingra highlighted progress in gross margins, expense management, and balance sheet strengthening with support from the Public Investment Fund (PIF). Lucid’s stock rose over 8% following the earnings report. The company also announced management changes, including Mark Winterhoff as interim CEO and Taoufiq Boussaid as CFO. — news from Electrek.co
