Lucid Group Inc (LCID) stock surged 5.10% in intraday trading on Thursday, driven by the company's better-than-expected 2024 full-year earnings report.
While the electric vehicle (EV) startup continued to post significant losses, it exceeded analyst estimates for both revenue and earnings per share (EPS). Specifically, Lucid reported revenue of $807.8 million, up 36% year-over-year, and an EPS loss of $1.25, beating expectations by 18%.
Despite the positive earnings surprise, Lucid's net loss for the year widened to $3.06 billion, up 8.2% from 2023. The company has faced challenges in scaling up production and controlling costs for its luxury EV models, putting pressure on profitability.
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