Written by Cláudio Afonso | LinkedIn | X
Luxury EV maker Lucid Motors reported its fourth-quarter earnings on Tuesday, posting a revenue increase of 50%, primarily driven by record deliveries of 3,099 vehicles.
Lucid announced that the CEO and CTO Peter Rawlinson will be replaced with Marc Winterhoff serving as interim CEO while the Board searches for a new chief executive.
The company generated $234.5 million in revenue for the quarter, up from 157.2 million in the same period a year earlier. For full-year 2024, revenue reached $807.8 million, marking a 36% increase from $595.3 million in 2023.
Lucid delivered 3,099 vehicles globally in the fourth quarter, setting a new record and reflecting a 79% year-over-year increase.
For this year, the company said on Tuesday it expects to produce “approximately 20,000 vehicles.” However, Lucid warned that it will “continue to prudently manage and adjust production to meet sales and delivery needs.”
Lucid shares fell 6% on Tuesday at $2.61 amid a global sell-off —Tesla shares plunged 9% while Rivian dropped 3.5%.
Immediately after the Q4 results, and as of the time of writing, Lucid shares are rising 1o% in after market session. The quarterly conference call with Wall Street analysts is scheduled for 5:30 pm ET.
Redburn-Atlantic analyst Tobias Beith slashed on Monday the firm’s price target by over 67% to $1.13, citing concerns about the company’s need to secure “significant additional capital.”
Conference Call
During the upcoming conference call, Lucid’s management will provide updates on demand for the new Gravity model, the manufacturing ramp-up, and the company’s broader business strategy.
According to the top-voted questions on Say Technologies’ platform, the most popular question centers on Lucid CEO Peter Rawlinson’s remark that he would “love” for the company’s business to be “20% doing cars, 80% licensing.”
“Peter mentioned how Lucid aims to be 80% tech company and 20% car company. When is revenue from tech plays expected? What categories/products do you see making up that 80% of revenue?” the shareholder asked.
The question collected one thousand votes representing 5.6 million shares.
A few days later, after some shareholders were surprised by the idea that only 20% of Lucid’s focus would be on the car business, Lucid’s global head of communications, Nick Twork, clarified on social media that the company remains committed to expanding vehicle production.
The second most upvoted question, which garnered nearly 400 votes representing 4.0 million shares, focuses on an update for additional tech licensing deals after the company signed one with the luxury carmaker Aston Martin in 2023.
The British brand said back then that it would use Lucid’s motors, battery technology and ‘Wunderbox’ in its upcoming EV model amid the $450 million deal.
“It has been mentioned that discussions are ongoing regarding potential tech deals since 2021 with 1 deal made. Are the recently mentioned discussions the same or with different manufacturers? Do you see a deal being made before the Atlas motor is ready?,” another shareholder asked.
In 2024, and according to a report from the South Korean Sisa Journal, the U.S. start-up was allegedly preparing to supply electric motors to Hyundai. The local media outlet reported that Hyundai Motor’s CEO has visited Lucid’s headquarters to discuss a potential cooperation.
Licensing deals
Over the last year, Peter Rawlinson has stated that the EV maker is in talks with many automakers. However, the Aston Martin deal was put on hold as the carmaker delayed its EV plans and no other brand has been confirmed so far. As reported by EV in late 2024, the ‘revamped’ Jaguar is one of the candidates on the table.
