Lucid reports 49% higher quarterly revenue, aims to double annual production

In the earnings statement, the outgoing CEO said: "I am extremely proud of the achievements the Lucid team has accomplished together during my twelve-year tenure. It has been an honor to lead this world-class team."

Rawlinson added: "We have grown from a small company with big ambitions into a global leader in technology and sustainable mobility. I look forward to continuing my role as a strategic technical advisor to the Chairman, and I am pleased to remain part of the Lucid family to support the company’s ongoing success and growth."

Lucid closed the quarter with total liquidity of approximately $6.13 billion, while its annual revenue increased to $807.8 million, up from $595.3 million in 2023.

The company produced 3,386 vehicles in Q4 and 9,029 vehicles in 2024, aligning with its annual production target of 9,000 vehicles.

Lucid delivered 3,099 vehicles in Q4, marking a 79% increase compared to Q4 2023. Annual deliveries reached 10,241 vehicles, up 71% from 2023.

For 2025, the US electric vehicle manufacturer expects to produce 20,000 vehicles and stated that it will continue managing and adjusting production strategically to meet sales and delivery needs.

In after-hours trading, the Nasdaq-listed stock surged 9.55% at 12:41 am Makkah time on Feb. 26, after closing the session down 6.1% at $2.61 on Feb. 25.