#USA #Newark #electric vehicles #Lucid Group #Production Growth

Lucid Group Reports Fourth Quarter and Full Year 2024 Financial Results

On February 25, 2025, Lucid Group, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. The company revealed impressive production numbers and revenue growth, reinforcing its status as a leader in the electric vehicle (EV) market.

Key Highlights

During Q4 of 2024, Lucid produced a total of 3,386 vehicles and delivered 3,099 units. On an annual basis, this brought the total production to 9,029 vehicles, which aligns with their production guidance of approximately 9,000 vehicles for the year. Notably, the company’s deliveries increased significantly, with 10,241 vehicles delivered throughout 2024, marking a 79% increase compared to the same period last year.

Lucid's financial performance in Q4 highlighted a revenue of $234.5 million, contributing to an annual revenue of $807.8 million. Despite facing challenges associated with growth and expansion, the company ended the quarter with a solid liquidity position of approximately $6.13 billion.

Leadership Transition

In addition to financial results, Lucid announced a transition within its leadership. Peter Rawlinson, who served as CEO, will step aside and take on the newly created role of Strategic Technical Advisor to the Chairman of the Board. Marc Winterhoff, the Chief Operating Officer, will step in as the Interim CEO. Rawlinson expressed pride in the company's achievements, noting the team’s collective efforts in establishing Lucid as a recognized name in sustainable mobility.

“2024 was a transformational year for Lucid,” said Winterhoff. “Our talented team is committed to ramping up production for models like the Lucid Gravity while also focusing on our technology licensing business.”

Financial Metrics

Beyond the production and delivery numbers, Lucid's financial metrics also highlighted areas of concern. The company reported a GAAP net loss per share of $(0.22) in Q4 and $(1.25) for the full year. The non-GAAP figures were similarly reflective of losses, with the non-GAAP net loss per share recorded at $(0.22) for Q4 and $(1.04) annually.

While the company faces losses, the outlook remains optimistic with guidance for approximately 20,000 vehicle production anticipated in 2025. The commitment to prudent management of production levels suggests a strategic approach to meeting sales and delivery demands going forward.

Conclusion

In summary, Lucid Group's 2024 performance reflects substantial growth in vehicle production and delivery, alongside a strong liquidity position. The leadership change marks a significant shift, with expectations for continued innovation and market adaptation in the evolving EV landscape. As Lucid forges ahead, it remains poised to redefine the future of electric vehicles for its growing customer base.

For further details, a full earnings presentation is available on Lucid's Investor Relations website.