Luxury electric vehicle maker Lucid Group announced financial results for its fourth quarter and full year ended December 31, 2024.
Lucid produced 3,386 vehicles during Q4 and delivered 3,099 vehicles during the same period. On a full-year basis, the company produced 9,029 vehicles, in line with the 2024 annual production guidance of approximately 9,000 vehicles, and delivered 10,241 vehicles in 2024.
Lucid also announced its 2025 annual production guidance of approximately 20,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs.
Lucid reported fourth quarter revenue of $234.5 million and annual revenue of $807.8 million, ending the quarter with approximately $6.13 billion in total liquidity.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,” said Peter Rawlinson. “We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility. It has been my honor to have led and grown this remarkable, truly world class team, because Lucid has always been first and foremost about a team effort. I look forward to continuing to serve as Strategic Technical Advisor to the Chairman of the Board and hence I am delighted to remain a part of the Lucid family to support the continued success and growth of the company.”
“2024 was a transformational year for Lucid and I am honored to step into this role as Lucid enters the next phase of its journey,” said Marc Winterhoff, Interim CEO. “We have an extremely talented team that is laser-focused on ramping production of Lucid Gravity, our technology licensing business, our Midsize platform vehicles, and further monetization opportunities.”
“We saw significant momentum in 2024 with four consecutive quarters of record deliveries,” said Gagan Dhingra, Interim CFO. “Additionally, we made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF).”
