American electric car company Lucid (NASDAQ: LCID) today released its full-year financial report as of December 31, 2024 and its fourth-quarter financial report for 2024. The financial report shows that Lucid's revenue in 2024 was $808 million, an increase of 35.8% from $595 million in the same period last year.
Lucid's operating loss in 2024 was $3.021 billion, compared with an operating loss of $3.1 billion in the same period last year; its net loss was $2.714 billion, compared with a net loss of $2.828 billion in the same period last year.
Lucid's revenue in the fourth quarter of 2024 was $234 million, up 49% from $157 million in the same period last year; total cost expenditure was $967 million, of which $443 million was cost, $280 million was R&D expenses, and $244 million was sales and administrative expenses.
Lucid produced 3,386 vehicles and delivered 3,099 vehicles in the fourth quarter of 2024; 9,029 vehicles were produced and 10,241 vehicles were delivered in 2024.
Lucid expects a full-year production target of 20,000 vehicles in 2024, more than double the total production in 2024.
Lucid's operating loss in the fourth quarter of 2024 was $733 million and its net loss was $397 million.
CEO resigns, COO takes over as interim CEO
Lucid also announced changes to the company's management, including that CEO and CTO Peter Rawlinson will resign as planned and serve as a strategic advisor to the chairman. Current COO Marc Winterhoff will serve as interim CEO while the company searches for its next CEO.
Peter Rawlinson has been with Lucid for more than a decade. "Now that we have launched Lucid Gravity, I have decided it is time to leave my position at Lucid," Rawlinson said. "I am incredibly proud of what the Lucid team has accomplished together over my 12-year tenure."
Lucid Chairman of the Board Turqi Alnowaiser praised Rawlinson's role in the company, saying that "Since launching Lucid in 2016, Peter has played an important role in the company's transformation from concept to reality and in developing unique, world-leading technologies that define the next generation of electric vehicles."
As of today's close, Lucid's stock price was $2.61, down 6.12% from the previous day; based on the closing price, the company's market value was $7.861 billion. However, Lucid's stock price rose 10% after hours.
