Lucid (LCID) expects EV output to double in 2025 with its first SUV

EV startup Lucid Motors (LCID) launched its fourth-quarter earnings on Tuesday, beating estimates with large expectations for 2025. Lucid mentioned it expects to supply about 20,000 EVs this yr with the output of its first electrical SUV, the Gravity, ramping up.

This autumn 2024 earnings preview

After 4 straight document quarters, Lucid delivered 10,241 autos final yr. That’s up 70% from the roughly 6,000 EVs Lucid delivered in 2023.

Within the last three months of 2024, the corporate delivered 3,099 autos alone, practically 80% greater than the yr prior. Lucid additionally hit its manufacturing goal for the yr with 9,029 EVs constructed at its Casa Grande, Arizona manufacturing plant.

After launching its first electrical SUV, the Gravity, in December, the EV maker expects output to select up this yr.

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The upper quantity helped Lucid generate $200 million in income within the third quarter, however its web loss additionally widened to $992.5 million in comparison with $630.9 million in Q3 2023.

Like most, Lucid has launched vital reductions and incentives with as much as $15,000 in financial savings on choose Air fashions.

Wall St is estimating Lucid will publish This autumn income of $214 million, up from $157.2 million in This autumn 2023, with an eps lack of 0.25.

Lucid goals to double EV manufacturing in 2025

Lucid reported This autumn income of $234.5 million, up practically 50% from the prior yr and beating Wall St estimates. For the complete yr, the corporate generated $807.8 million, up from $595.2 million in 2023.

• Lucid This autumn 2024 income: $234.5 million vs $214 million anticipated
• Lucid This autumn 2024 EPS: (-$0.22) vs (-$0.25) anticipated

The corporate additionally improved gross margins by 72pts to (-89%). Regardless of the upper output, Lucid’s working loss narrowed to $732.95 million in This autumn, down from $736.87 million a yr prior.

Lucid ended the quarter with about $6.13 billion in liquidity, which the EV maker mentioned can be enough into the second half of 2026 when it plans to launch its midsize platform.

CEO Peter Rawlinson mentioned earlier this month that the midsize platform is “lastly after we compete immediately with Tesla.” The primary two fashions are anticipated to be an electrical SUV and sedan beginning at round $50,000, geared toward Tesla’s Mannequin 3 and Mannequin Y.

Interim CFO Gagan Dhingra mentioned, “We made substantial progress in bettering our gross margins, managing our working bills whereas balancing strategic progress investments, and strengthening our steadiness sheet with the help of the Public Funding Fund (PIF).”

Lucid expects to supply round 20,000 autos in 2025, greater than double the simply over 9,000 EVs it constructed final yr.

The corporate mentioned it can “proceed to prudently handle and alter manufacturing to fulfill gross sales and supply wants” this yr.

Lucid’s upbeat steering comes after Rivian (RIVN) introduced throughout its This autumn earnings final week that it anticipated barely fewer deliveries this yr. Rivian mentioned the decrease steering was because of “exterior elements,” together with modifications in authorities insurance policies and rules.

The corporate additionally introduced a number of administration modifications. COO Mark Winterhoff will function interim CEO, whereas Peter Rawlinson will turn out to be a Strategic Technical Advisor on the board. In the meantime, Taoufiq Boussaid has been appointed CFO.

Lucid’s inventory climbed over 8% after beating fourth quarter estimates and elevating EV output steering for 2025. Examine again for updates from Lucid’s earnings name. We are going to publish updates from the decision under.