Lucid Group Inc (LCID) shares surged 9.58% in Tuesday's after-hours trading following the release of its fourth-quarter 2024 financial results. The electric vehicle (EV) maker reported better-than-expected revenue and narrower-than-anticipated losses for the quarter.

For the three months ended December 31, 2024, Lucid reported revenue of $234.5 million, surpassing analysts' expectations of $214.2 million. The company's adjusted net loss per share of $0.22 also beat the consensus estimate of a $0.25 loss per share.

Highlighting the strong operational performance during the quarter, Lucid produced 3,386 vehicles and delivered 3,099 vehicles to customers. The company ended the quarter with approximately $6.13 billion in total liquidity, providing a solid financial runway to support its growth plans.

Looking ahead, Lucid issued an impressive 2025 production guidance, projecting the manufacture of approximately 20,000 vehicles for the year. This robust outlook underscores the company's confidence in its ability to ramp up production and meet growing demand for its electric vehicles.

In a significant leadership transition, Lucid announced that its CEO and CTO, Peter Rawlinson, has decided to step aside from his roles. Rawlinson, however, will continue to serve as a strategic technical advisor to the company's board chairman. Chief Operating Officer Marc Winterhoff has been appointed as Lucid's interim CEO, taking over the reins of the company's operations.