Is the "Tesla Killer" Lucid Rising? Expected to Double Production in 2025 and Unexpected CEO Change

TradingKey — Amid fluctuations in Tesla's (TSLA.US) sales, stock price, and reputation, Lucid (LCID.US), a fierce rival, is gradually recovering from its losses in vehicle manufacturing. The company optimistically expects to double its production of pure electric vehicles in 2025.

On Wednesday, February 25th, Lucid released its Q4 and full-year financial reports for 2024, which exceeded expectations. In Q4, it produced 3,386 electric vehicles, and for the entire year, it produced 9,029 vehicles, meeting its annual production target of 9,000 vehicles.

In Q4, Lucid delivered 3,099 vehicles, a year-on-year increase of 79%, and for the whole year, it delivered 10,241 vehicles, marking a year-on-year increase of 71%.

Lucid's Q4 revenue was $234.5 million, higher than the expected $214.1 million. The adjusted loss per share was 22 cents, compared to an expected loss of 25 cents.

The company stated that it saw significant momentum in 2024, with four consecutive quarters of record deliveries. Lucid made substantial progress in improving gross margins, managing operating expenses, balancing strategic growth investments, and strengthening its balance sheet with the support of the Public Investment Fund (PIF).

Lucid expects to produce 20,000 electric vehicles in 2025, effectively doubling its production. The average market expectation is 14,700 vehicles.

After the market closed on the 25th, Lucid's stock price rose significantly, increasing by more than 10%. The latest closing price was $2.61, which is about a 14% drop since the beginning of 2025.

Lucid also announced that Peter Rawlinson, who has served as the company's CEO for five years, will step down. Marc Winterhoff, the chief operating officer, will serve as the interim CEO.

Analysts said that the CEO change was surprising, but considering the company's previous poor sales and financial performance, it is not entirely unexpected.