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NEWARK, Calif. - Lucid Group, Inc. (NASDAQ:LCID) shares jumped 9.2% after the electric vehicle maker reported better-than-expected fourth quarter results and announced a CEO transition.
The company posted a Q4 adjusted loss of $0.22 per share, beating analyst estimates for a $0.25 per share loss. Revenue came in at $234.5 million, surpassing the $200.5 million consensus and rising 79% YoY.
Lucid produced 3,386 vehicles and delivered 3,099 in Q4. For the full year 2024, production reached 9,029 vehicles, in line with guidance, while deliveries totaled 10,241, up 71% from 2023.
The company issued 2025 production guidance of approximately 20,000 vehicles, signaling expectations for continued growth.
In a leadership shakeup, Lucid announced CEO Peter Rawlinson will step down to become Strategic Technical Advisor to the Board Chairman. COO Marc Winterhoff was appointed Interim CEO.
"2024 was a transformational year for Lucid and I am honored to step into this role as Lucid enters the next phase of its journey," said Winterhoff.
Lucid ended Q4 with $6.13 billion in total liquidity, providing a substantial cash cushion as it ramps production.
Interim CFO Gagan Dhingra noted, "We saw significant momentum in 2024 with four consecutive quarters of record deliveries. Additionally, we made substantial progress in improving our gross margins."
The strong results and optimistic outlook, coupled with the leadership transition, appeared to boost investor confidence in Lucid’s growth trajectory.
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