Lucid Group Reports Strong Q4 Growth Amid Leadership Transition

NEWARK, Calif., Feb. 25, 2025 — Lucid Group, Inc. (NASDAQ: LUCID) announced today its financial results for the fourth quarter and full year ending December 31, 2024, showcasing significant growth in vehicle production and deliveries, despite ongoing challenges in the electric vehicle market.

In the fourth quarter, Lucid produced 3,386 electric vehicles and delivered 3,099 during the same period. For the entire year, the company met its production goals, producing a total of 9,029 vehicles and delivering 10,241 vehicles, surpassing its annual delivery target. This positive trajectory comes as it announces an ambitious production target of approximately 20,000 vehicles for 2025.

The company reported fourth quarter revenue of $234.5 million and total annual revenue of $807.8 million, closing the year with around $6.13 billion in liquidity. “I am incredibly proud of what the Lucid team has accomplished together during my twelve years here,” said Peter Rawlinson, outgoing CEO. “We’ve transformed from a small startup to a recognized leader in sustainable mobility. I look forward to supporting our continued success in my new role as Strategic Technical Advisor.”

Marc Winterhoff has stepped into the role of interim CEO, expressing excitement about leading Lucid into a new phase. “2024 was transformative for Lucid, and we are focused on ramping production of Lucid Gravity and our Midsize platform vehicles. Our team is dedicated to exploring new monetization opportunities,” Winterhoff said.

Interim CFO Gagan Dhingra highlighted the company’s operational successes, stating, “We achieved four consecutive quarters of record deliveries in 2024. Our progress in improving gross margins while effectively managing operating expenses signals our strong financial health.”

Lucid’s strong financial performance comes amid a broader industry landscape of fluctuating demand and rising competition in the electric vehicle sector. The company’s focus on sustainable technology is expected to play a crucial role in its strategic initiatives moving forward.

A conference call scheduled for 2:30 P.M. PT / 5:30 P.M. ET today will provide further insights for analysts and investors. Lucid Group continues to emphasize transparency in its operations, utilizing its investor relations website for comprehensive disclosure of material information.

Founded in Silicon Valley, Lucid Group is committed to innovating the electric vehicle space with cutting-edge technology. Their flagship models, the Lucid Air and the new Lucid Gravity SUV, are recognized for their performance and efficiency, manufactured in a state-of-the-art facility in Arizona.