- Lucid Group’s (LCID) shares soared over 10% to $2.88 in after-hours trading on Tuesday after Q4 results showed a $0.22 per share loss, beating the $0.25 consensus. Revenue was up 49.2% to $234.47 million against the expected $214.1 million, and deliveries jumped 79% to 3,099 units from Q4 2023.
- The company delivered 10,241 vehicles in 2024, a 71% increase year-over-year, meeting its 9,029-unit production goal, and announced a 20,000-vehicle production target for 2025, amid a CEO transition from Peter Rawlinson to interim chief Marc Winterhoff.
- Backed by Saudi funding, Lucid’s operational gains and tech prowess – highlighted by strong Q4 demand and the Gravity SUV launch – position it to scale in a competitive EV market, with the stock rally reflecting investor confidence despite leadership flux.
Lucid Group Inc. (LCID), a prominent player in the electric vehicle sector, saw its shares surge over 10% to $2.88 in after-hours trading on Tuesday, propelled by a potent mix of robust Q4 earnings, a significant delivery uptick, and a high-profile leadership transition. The company reported a Q4 loss of $0.22 per share, excluding non-recurring items, outperforming the consensus estimate of a $0.25 loss, while revenues climbed 49.2% year-over-year to $234.47 million, eclipsing the $214.11 million forecast. Production held steady at 3,386 vehicles for the quarter, aligning with the full-year 2024 target of 9,029 units, but deliveries stole the show—3,099 in Q4 and 10,241 for the year, marking a 79% leap from Q4 2023 and a 71% rise over 2023’s full tally, signaling a demand surge that highlights the company’s growing market presence and consumer interest.
The stock’s rally wasn’t just about numbers—Lucid also announced that its CEO Peter Rawlinson is stepping down. Paradoxically, this move further boosted shares in extended trading, perhaps reflecting investor appetite for fresh direction as Marc Winterhoff, the operating chief, steps in as interim CEO. Rawlinson’s exit comes after steering Lucid through a transformative phase, scaling production and launching the much-anticipated Gravity SUV, but the timing aligns with a forward-looking 2025 production goal of 20,000 vehicles, a bold leap from 2024’s output that underscores the company’s ambition to capitalize on its momentum. Winterhoff inherits a firm riding high on operational gains, with Q4’s delivery spike – outpacing production – hinting at inventory efficiency and a consumer base eager for Lucid’s high-performance EVs, like the Air sedan and the newly minted Gravity.
Lucid’s performance reflects a broader EV narrative where execution trumps promise, and its 49.2% revenue jump ties to a strategic pivot backed by Saudi Arabia’s Public Investment Fund, which has pumped in $1.75 billion recently to extend the company’s runway into 2026. The 10,241 deliveries in 2024, a 71% year-over-year vault, showcase Lucid’s ability to buck sector headwinds – contrast that with Tesla’s European stumbles or Rivian’s production woes – and the 20,000-unit target for 2025 suggests a scaling operation that could narrow the gap with bigger rivals. Rawlinson’s departure, while a curveball, positions Winterhoff to steer this growth, leveraging Lucid’s tech edge – think 5 miles per kilowatt-hour efficiency – and a market increasingly receptive to premium EVs, even as the stock’s after-hours pop hints at volatility tempered by tangible progress.
WallStreetPit does not provide investment advice. All rights reserved.
Leave a Reply