The company Lucid Motors aims for 20,000 electric vehicles by 2025

Lucid Motors, the electric vehicle startup, reported revenues of $234.5 million in the fourth quarter of 2024, marking a 50% increase compared to the previous year and exceeding Wall Street expectations.

Throughout the year, revenues reached 807.8 million dollars, a notable increase compared to 595.2 million in 2023.

This increase is partly attributed to the delivery of 10,241 vehicles in 2024, which represents a 70% increase compared to the approximately 6,000 EVs delivered last year.

Starting January 31, Lucid Gravity will have access to the Tesla Supercharger network, with no adapter necessary. ​
Customers will be able to access 20,000+ Tesla Superchargers, unlocking the most available and convenient charging network in the US and Canada.​

​Combined with an… pic.twitter.com/Es7m0e98yJ

— Lucid Motors (@LucidMotors) January 28, 2025

Lucid wants to be a rival to Tesla and Rivian in a few years

The company expects a production of around 20,000 electric vehicles by 2025, more than double the 9,029 built in 2023. The production of the electric SUV Gravity, which was launched in December, is scheduled to increase significantly this year. This is a positive sign for the company, given that the final quarter of 2024 showed a delivery of 3,099 vehicles, an increase of nearly 80% compared to the previous year.

Despite the good financial results, Lucid faced a net loss of $992.5 million in the third quarter of 2024, compared to $630.9 million in the same period of the previous year.

However, the operating loss slightly decreased to $732.95 million in the fourth quarter, down from $736.87 million the previous year. Throughout the year, Lucid has implemented discounts and offers of up to $15,000 on some models to encourage purchases.

Lucid Motors ($LCID) reports Q4 revenue of $234.5M, surpassing estimates of $214.22M. With a production target of 20,000 vehicles in 2025 and a CEO transition underway, the company is poised for significant growth. Watch this space for updates. pic.twitter.com/tdr0ZlUe2V

— MiloX Trading (@CryptoMilox) February 25, 2025

Despite the financial challenges, Lucid remains committed to managing operating expenses and improving gross margins, which grew by 72 points to reach a margin of (-89%). With liquidity of approximately $6.13 billion, the company is optimistic about its future, even planning to launch a mid-size platform in the second half of 2026.

The company also announced changes in management, with Mark Winterhoff taking on the role of interim CEO. Peter Rawlinson, formerly CEO, will become a strategic technical advisor.

This restructuring aims to strengthen leadership as the company prepares to compete more aggressively in the EV market against giants like Tesla.