Lucid reported the 2024 financial results, confirming widening losses amounting to $2.7 billion for the year. This brings Lucid's accumulated deficit to $12.9 billion, with no hope of stopping money bleeding soon. On the plus side, Lucid guided for 20,000 EVs produced in 2025 as the Gravity SUV rolls out. The company also announced that CEO Peter Rawlinson stepped down without a successor.
Last year, EV startups had a rocky ride, with some of them calling it quits. For 2025, the situation is not projected to get any better amid concerns about an economic slowdown triggered by tariffs affecting the automotive industry. Lucid Motors is among the struggling EV startups, with staggering losses that widen by the quarter and shrinking cash reserves despite the best efforts of its powerful backer, Saudi Arabia Private Investment Fund (PIF).
However, Lucid's prospects seem to have improved in the fourth quarter of 2024. The company reported better-than-expected results, with $234.5 million in revenue versus consensus estimates of $212.4 million. The quarterly loss was also lower, at $0.22 versus a $0.25 loss expected. This reflects an increase in vehicle sales in the quarter and throughout 2024.
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