MW Lucid aims to double EV production this year, stock rallies nearly 10%

By Claudia Assis

Lucid also announces CEO transition

Shares of Lucid Group Inc. rose 9.6% 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.

After-hours gains offset a 6% loss for Lucid stock on the regular session Tuesday.

Better cost management at the Arizona factory was part of the story at Lucid, Tom Narayan at RBC Capital said in a note Tuesday.

The EV maker moved its battery manufacturing and several sub-assemblies on site, and is transitioning powertrain manufacturing to be fully on site, moves that Lucid executives expect will yield logistics benefits and more, the analyst said.

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.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 25, 2025 20:29 ET (01:29 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.