Lucid Motors, an electric vehicle (EV) startup, reported its fourth-quarter earnings on Tuesday, beating estimates with significant expectations for 2025. The company delivered 10,241 vehicles in 2023, a 70% increase from the previous year.
In Q4 2024, Lucid delivered 3,099 vehicles alone, nearly 80% more than the same period last year. The company also met its production target of 9,029 EVs at its Arizona manufacturing plant. After launching its first electric SUV, the Gravity, in December, Lucid expects output to increase this year.
Despite generating $200 million in revenue and a net loss of $992.5 million, Lucid reported higher-than-expected Q4 revenue of $234.5 million, up nearly 50% from last year. The company aims to double its EV production in 2025, expecting to produce around 20,000 vehicles.
Lucid’s CEO Peter Rawlinson said the midsize platform launch will allow the company to compete directly with Tesla. The first two models are expected to start at around $50,000 and are aimed at Tesla’s Model 3 and Model Y. Lucid ended the quarter with approximately $6.13 billion in liquidity, sufficient for the second half of 2026.
The company also announced management changes, including Mark Winterhoff becoming interim CEO and Taoufiq Boussaid being appointed CFO. Lucid’s stock climbed over 8% after beating Q4 estimates and raising EV production guidance for 2025.
Source: https://electrek.co/2025/02/25/lucid-lcid-expects-ev-output-to-double-in-2025-with-first-suv