Lucid has released its fourth-quarter and full-year 2024 financial results, showcasing significant year-over-year (YoY) growth as it prepares for a production ramp in 2025. Along with the release of its financial results, Lucid also announced Peter Rawlinson is stepping down as CEO, but will remain with the company in a new role.
Financially, the company posted Q4 revenue of $234.5 million, up nearly 50% from $157.2 million reported in the same quarter in 2023. This contributed to an annual revenue of $807.8 million, more than 35% higher than the revenue of $595.3 million earned in 2023.
While still operating at a loss, Lucid improved its liquidity position, ending the quarter with approximately $6.13 billion in total liquidity. GAAP net losses stood at $(0.22) per share for Q4 and $(1.25) for the full year, with non-GAAP net losses of $(1.04) per share in 2024.
As previously reported, Lucid produced 3,386 vehicles in Q4 and 9,029 vehicles for the full year, meeting its 2024 production target of 9,000 units. Deliveries surged to 3,099 vehicles in Q4, bringing the total for the year to 10,241—a 71% increase over 2023.
With this growth, Lucid has set a 2025 production target of approximately 20,000 vehicles, more than doubling its 2024 output. This ambitious projection is fueled by improved supply chain efficiencies, advancements in cost optimization, and of course the launch of the Lucid Gravity SUV.
Leadership Transition
A major development in Lucid’s leadership structure accompanied the financial results announcement. CEO Peter Rawlinson is stepping down from his executive roles, transitioning to the position of Strategic Technical Advisor to the Chairman of the Board. Marc Winterhoff, previously the Chief Operating Officer, has been appointed Interim CEO, signaling a shift in leadership focus as Lucid gears up for its next phase of growth.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years. We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility. It has been my honor to have led and grown this remarkable, truly world class team, because Lucid has always been first and foremost about a team effort. I look forward to continuing to serve as Strategic Technical Advisor to the Chairman of the Board and hence I am delighted to remain a part of the Lucid family to support the continued success and growth of the company,” Rawlinson said.
Lucid’s latest financial results show the automaker has solid momentum heading into 2025, which will be a defining year for the company. With a new leadership structure and an aggressive production target, Lucid is positioning itself for a strong 2025.
