As Lucid Group, Inc. released its financial results for the fourth quarter and full year of 2024, it also announced its CEO stepping down. The company reported Q4 revenue of $234.5 million, contributing to an annual revenue of $807.8 million. Lucid produced 3,386 vehicles in Q4 and a total of 9,029 vehicles in 2024, meeting its production guidance. Vehicle deliveries for the year totaled 10,241. The company ended the year with approximately $6.13 billion in liquidity.
In a significant leadership change, CEO Peter Rawlinson has resigned and will transition to a technical advisor role. COO Marc Winterhoff has been appointed as interim CEO while the company searches for a permanent replacement.
Looking ahead, Lucid aims to produce 20,000 vehicles in 2025, more than doubling its 2024 output. This ambitious goal includes the introduction of the new Gravity SUV, expected to start at $94,900.
Despite a net loss of $3.1 billion in 2024, Lucid’s strong liquidity position and strategic plans for new product launches position the company for potential growth in the competitive electric vehicle market.
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