Shortly after the closing bell on February 25, Tesla rival Lucid Motors (LCID) reported its Q4 2024 and full-year results, which saw the automaker post another quarter of eyewatering losses.
For Q4 2024, Lucid reported a net loss of $397 million, following a solid streak in the red. In total, the automaker had a net loss of $2.7 billion in 2024, amounting to a loss of about $300,000 from every vehicle it produced.
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However, Lucid’s CFO, Taoufiq Boussaid, remained optimistic during its earnings call, noting that the company is built on “engineering excellence, bold innovation, and a clear vision.” However, he sees his challenge as helping Lucid navigate the tumultuous EV scaling and ensuring the company is set up “for”long-term profitable growth.”
“At Lucid, we have world-class technology, industry-leading efficiency, and a brand that stands for performance and luxury. But as we move into the next phase, scaling production, optimizing operations, and accelerating growth, bringing financial discipline will be more critical than ever,” he said.
A Lucid Gravity at the 2024 Geneva Motor Show. Interim Lucid CEO Marc Winterhoff says this vehicle will drive its increased EV production.
More Lucid EVs on the roads, interim CEO says.
In its announcement ahead of its Q4 2024 earnings call, Lucid announced that it intends to produce approximately 20,000 vehicles in 2025, effectively doubling its output from last year.
Last year, it produced 9,029 EVs and delivered 10,241 vehicles to its customers, but it seeks to increase its numbers by further introducing its new model, the Gravity SUV.
During its earnings call, Lucid’s interim CEO, Marc Winterhoff, said that Gravity production will gradually scale up throughout 2025, with models produced in the first quarter focused exclusively on Lucid showrooms, customer test drives, and other consumer marketing.
“We’ll prioritize Lucid Gravity’s for showrooms and test drive, which I think is the right strategy and one of the key learnings from the Lucid Air launch,” he said. “We want our customers to be able to experience the Lucid Gravity.”
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Lucid plans to expand the Gravity range by late 2025 by adding a lower-spec Touring trim beneath the range-topping Grand Touring, the only available version.
Currently, Gravity buyers have to shell out a whopping $96,550 for the Grand Touring before the $81,550 Touring comes out later this year.
Winteroff notes that orders for the Gravity Grand Touring in November have “exceeded expectations,” although no specific numbers were mentioned.
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LCID CEO: Lower-priced Lucids are coming
Lucid’s Interim CEO also gave a crucial update regarding lower-priced Lucid vehicles.
The cars, which will ride on Lucid’s bespoke “midsize” platform, have been teased by Winteroff, who pinned a reveal date of late 2025 to early 2026.
“I was just down in the design studio, and I can tell you the vehicles look amazing. I think customers are going to love them, and I can’t wait to show them to you,” Winteroff said. “I don’t want to reveal too much, but we are currently planning to unveil them late this year or early next year.
Wrapping up Tech & Manufacturing day: A new sneak peek at one of our upcoming midsize vehicles, set for production in late 2026 with a starting price under $50k.
With leading technology and efficiency, it will be able to deliver the same range as competitors while using a… pic.twitter.com/yJ5re2fIlt
— Lucid Motors (@LucidMotors) September 10, 2024
Following its Tech & Manufacturing Day in September last year, Lucid provided a visual “sneak peek” for one of the “Midsize” vehicles.
Rawlinson first teased the idea of the “midsize” in a December 2023 interview with British automotive authority Autocar, where he said that the company is planning two $50,000 mainstream models to compete with Tesla’s Model 3 and Model Y.
“The mid-sized [line] is going to be overtly a Tesla competitor – Model 3, Model Y. This is the first time I’ve ever said it: we’re going to compete in that market – high-volume family car,” Rawlinson told Autocar.
Lucid Motors trades on the New York Stock Exchange as LCID.
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