LCID: Lucid Stock Jumps 10% on Earnings Data, Outlook for Double Production Rate

CEO Peter Rawlinson (former Tesla chief) is stepping down from the role after 5 years at the helm.

📈 Shares Jump on Good Numbers

• Lucid stock LCID powered higher by more than 10% in after-hours trading Tuesday following the company’s better-than-expected earnings report. The EV startup, backed by Saudi Arabia’s sovereign wealth fund, picked up $234 million in revenue with an adjusted loss of 22 cents a share.
• The fourth-quarter numbers surpassed expectations of $214 million in sales and an adjusted loss of 25 cents. In other words, Lucid delivered a double beat and Wall Street cheered.

👔 New Interim CEO Introduced

• In other corporate updates, Lucid said its current chief executive Peter Rawlinson (former Tesla engineer chief) is stepping down from his role after five years. Rawlinson boasts a 12-year tenure at Lucid and during that time he helped launch the company’s flagship Air model and more recently the Gravity SUV.
• "Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid," Rawlinson said. Marc Winterhoff, Lucid’s operating chief, will serve as an interim CEO until a replacement is found.

🔥 Some More Good Numbers

• "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. "We have an extremely talented team that is laser-focused on ramping production of Lucid Gravity.”
• Lucid came out with bold forward-looking guidance, projecting production capacity will double in 2025. The company is eyeing 20,000 vehicles from 9,000 made in 2024. For the full 2024, Lucid pulled in revenue of $808 million, selling 10,241 cars and ending the year with $6 billion in total liquidity.