Lucid Motors reported higher-than-expected fourth-quarter revenue on Tuesday and reaffirmed its production forecast of around 20,000 vehicles in 2025, buoyed by increasing output of its first electric SUV, the Gravity.
The luxury EV maker posted Q4 revenue of $234.5 million, surpassing Wall Street estimates of $214 million and marking a nearly 50% increase from a year earlier. For the full year, revenue rose to $807.8 million from $595.2 million in 2023. The company also reduced its operating loss to $732.95 million, down slightly from $736.87 million in the previous year.
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“We made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF),” interim CFO Gagan Dhingra said.
Lucid delivered 10,241 vehicles in 2024, a 70% jump from 2023. The fourth quarter saw 3,099 deliveries, an increase of nearly 80% year-over-year, while production reached 9,029 units at its Arizona plant.
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The company ended the year with $6.13 billion in liquidity, which it expects to last into the second half of 2026 when it plans to launch its midsize platform. CEO Peter Rawlinson previously stated that the platform would allow Lucid to “compete directly with Tesla,” with new models priced around $50,000 to rival the Model 3 and Model Y.
Lucid has introduced discounts of up to $15,000 on select Air models to boost sales. The company said it will “continue to prudently manage and adjust production to meet sales and delivery needs” in 2025.
The earnings report follows Rivian’s (RIVN) announcement last week of a cautious 2025 outlook, citing “external factors,” including regulatory changes.
Lucid also announced leadership changes, with COO Mark Winterhoff stepping in as interim CEO and Rawlinson transitioning to a Strategic Technical Advisor role on the board. Additionally, Taoufiq Boussaid was appointed as CFO.