Lucid Aims to Double EV Production This Year, Stock Rallies 10%

Dow Jones

26 Feb

Lucid also announces CEO transition.

Shares of Lucid Group Inc. rose by as much as 10% in after-hours trading Tuesday after the luxury EV maker narrowed its quarterly loss, announced a CEO change, and said it aims to more than double its production this year.

Lucid (LCID) said it produced 3,386 vehicles in the fourth quarter and 9,029 vehicles in 2024, in line with its 2024 guidance of 9,000 vehicles.

For 2025, Lucid guided to produce about 20,000 vehicles. The EV maker ended the fourth quarter with about $6.13 billion in liquidity.

Fourth-quarter revenue hit $234.5 million, ahead of FactSet consensus for $214.1 million. The company's adjusted loss for the quarter came in at 22 cents a share, versus expectations of an adjusted loss of 25 cents a share.

Lucid said that it appointed Chief Operating Officer Marc Winterhoff as its interim chief executive, and CEO Peter Rawlinson will serve as a technical advisor to the board chair, stepping aside as top executive. Lucid did not provide more details about the transition.

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