Lucid sees stock pop on Q4 results, announces CEO Peter Rawlinson will step down
EV maker Lucid Motors' (LCID) stock popped after hours following the company's better-than-expected results — and a change at the top of its management.
Lucid CEO and CTO Peter Rawlinson, who has been with the company for over a decade, is stepping down in a planned transition, the company said, and will assume the role of strategic adviser to the chairman. Current COO Marc Winterhoff will be interim CEO while the company conducts a search for its next chief executive.
Lucid also announced 2025 production guidance of approximately 20,000 vehicles, more than double 2024's total.
Lucid shares were up 8% after hours.
"Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid," Rawlinson said in a statement. "I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past 12 years.'
Turqi Alnowaiser, chairman of the Lucid board of directors, praised Rawlinson's role at the company. "Since launching Lucid in 2016, Peter has been instrumental in the company's transition from concept to reality and in developing unique, world-leading technology that has defined the next generation of EVs."
In its fourth quarter report, Lucid reported top-line revenue of $234.5 million versus Bloomberg consensus estimates of $212.4 million. Lucid reported a smaller loss than expected, with an adjusted loss per share of $0.22 versus a $0.25 loss expected, resulting in an adjusted EBITDA loss of $577.3 million vs $576 million expected.
Last month, Lucid said it produced 3,386 EVs and delivered 3,099 in the fourth quarter, up from the 2,391 produced and 1,734 delivered last quarter. For the year, Lucid reported production of 9,029 units and delivered 10,241, up from the 8,428 produced and 6,001 delivered a year ago.
"We saw significant momentum in 2024 with four consecutive quarters of record deliveries," said Gagan Dhingra, interim CFO, in a statement. "Additionally, we made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF)."
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 hours ago
- Yahoo
Officials issue warning as potential US law change could have devastating economic impact: 'Life-changing'
The Trump administration has been clear about its intentions to cut clean energy incentives, but it would be a massive blow to Republican districts that have benefited from the Inflation Reduction Act, which has supercharged clean energy investments and allowed economic growth in these areas. The IRA, passed in 2022, included an investment of nearly $370 billion into clean energy incentives, including tax credits on new EV purchases, rebates for energy-efficient home appliances, and tax credits for solar panels and heat pumps. In Casa Grande, Arizona, these clean energy incentives have led to more local investments and thousands of jobs, which are at risk if the IRA is gutted. "As much as there are other aspects of the IRA we [Republicans] can disagree with, these tax credits have had an impact in my district — and on job creation, on investment, also national security, because of energy production and having wanted to bring that more domestically," Representative Juan Ciscomani (R-Ariz.), who represents Casa Grande, told Politico. While Ciscomani has signed a letter urging the House Ways and Means Committee to protect these incentives, the fate of the act is unclear. Some critics have said that Ciscomani "shows up for the ribbon cuttings and then turns around and cuts funding" to clean energy projects, Politico reported. But Casa Grande is a prime example of the power of clean energy investments and the benefits of the IRA incentives. Politico reported that Lucid Motors, an electric vehicle manufacturer, has quadrupled its operations in the town and added nearly 3,000 "life-changing" jobs since its inception. While the plant was planned before the IRA was passed, it benefits from the tax credits in the act. Beyond Casa Grande, IRA incentives have led to major growth in clean energy investments, which have amounted to $1 trillion in the past six years, according to RMI. The nonprofit reported that the IRA led to a tripling in quarterly clean energy technology investments since its passage, with Republican states receiving 64% of those investments. Across the aisle, it makes economic sense to maintain the IRA benefits. Should the government continue to give tax incentives for energy-efficient home upgrades? Absolutely No Depends on the upgrade I don't know Click your choice to see results and speak your mind. A good way to communicate your support for clean energy initiatives is to show companies and elected officials that green business is good business. If you want your financial decisions to align with your values, GreenPortfolio connects individuals with remote financial advisors who make climate-forward investing simple. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
15 hours ago
- Yahoo
Lucid Group (LCID) Stock Sinks As Market Gains: Here's Why
Lucid Group (LCID) closed the latest trading day at $2.19, indicating a -1.79% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.55%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 0.63%. Coming into today, shares of the an electric vehicle automaker had lost 14.89% in the past month. In that same time, the Auto-Tires-Trucks sector gained 2.21%, while the S&P 500 gained 6.29%. Analysts and investors alike will be keeping a close eye on the performance of Lucid Group in its upcoming earnings disclosure. On that day, Lucid Group is projected to report earnings of -$0.26 per share, which would represent year-over-year growth of 10.34%. At the same time, our most recent consensus estimate is projecting a revenue of $292.12 million, reflecting a 45.64% rise from the equivalent quarter last year. LCID's full-year Zacks Consensus Estimates are calling for earnings of -$0.91 per share and revenue of $1.35 billion. These results would represent year-over-year changes of +27.2% and +67.3%, respectively. Investors should also pay attention to any latest changes in analyst estimates for Lucid Group. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Lucid Group currently has a Zacks Rank of #3 (Hold). The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 219, placing it within the bottom 11% of over 250 industries. The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Make sure to utilize to follow all of these stock-moving metrics, and more, in the coming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lucid Group, Inc. (LCID) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Hamilton Spectator
a day ago
- Hamilton Spectator
‘No buyers' remorse' for voters as Doug Ford's Tories enjoy big poll lead
Premier Doug Ford's third-term Progressive Conservatives are enjoying an extended honeymoon with voters, a new public-opinion survey suggests. In the first major Ontario political poll since Ford's Tories were re-elected in the snap Feb. 27 provincial election, Abacus Data found the governing party well ahead of its rivals. The PCs were at 49 per cent to 28 per cent for Bonnie Crombie's Liberals, 14 per cent for Marit Stiles' New Democrats and five per cent for Mike Schreiner's Greens. Ford defied the odds Thursday becoming the first premier to win three consecutive majority 'We're seeing the highest vote share for the Tories we've measured since we've been tracking and we see Ford's personal numbers better than they've been since we've really been tracking,' said Abacus president David Coletto. 'At least right now, there's no buyer's remorse in re-electing the PCs,' said Coletto. In the February election, the Tories received 43 per cent of the popular vote to 30 per cent for the Liberals, 18.6 per cent for the New Democrats and 4.8 per cent for the Greens. Abacus surveyed 1,000 Ontarians from June 2 through last Thursday using online panels based on the Lucid exchange platform. While opt-in polls cannot be assigned a margin of error, for comparison purposes, a random sample of this size would have one of plus or minus 3.09 percentage points, 19 times out of 20. That means the poll was conducted during the first ministers meeting in Saskatoon — where Ford played a prominent role with Prime Minister Mark Carney — and as the Tories were ramming through their controversial Bill 5 designed to fast-track mining and infrastructure projects. Prime Minister hints at prioritizing energy infrastructure — such as pipelines — after first While the premier received mostly positive press for working with Carney to counter U.S. President Donald Trump's trade war against Canada, Queen's Park has been roiled by protests against the Protect Ontario By Unleashing Our Economy Act . First Nation leaders have warned there will be 'fierce resistance' if long-standing treaty rights are overridden by the law passed last week. 'Bill 5 has generated, at least from my vantage point, no ... negative implications for the popularity of this government at least right now,' said Coletto, warning that could change. 'There's a lesson for those opponents of it — that they're going to have to do far more to get the public engaged, to be opposed to this at a time when people are really focused on just getting things done.' Indeed, Ford's current standing appears largely due to his vocal stance against Trump's tariffs and a willingness to work with Carney's re-elected federal Liberals. 'There is this moment where Ontarians, like the rest of the country, are rallying around their political leader. I don't think people are overly optimistic, but I do think they get a sense that their political leaders are working together ... working with a common purpose,' said Coletto. 'We have a common goal or enemy, or however you want to frame it,' he said, pointing to the existential threat to Canada that Trump poses. The pollster said Carney's popularity is 'definitely benefiting the Liberal brand in Ontario,' which is encouraging news for Crombie's provincial Grits. But 'the collapse of the federal NDP has put downward pressure on the Ontario NDP' that's hurting Stiles' party. 'They're at the lowest we've measured them at in our tracking — 14 per cent,' said Coletto. In terms of personal popularity, Ford was at 44 per cent positive, 33 per cent negative for a plus 11 per cent favourability rating with 21 per cent of respondents neutral and two per cent unsure. Stiles was at 28 per cent positive, 25 per cent negative for plus three per cent with 31 per cent neutral and 16 per cent uncertain. Schreiner was at 24 per cent positive and 23 per cent negative for plus one per cent with 34 per cent neutral and 20 per cent unsure. Crombie, the subject of a multimillion-dollar pre-election attack ad blitz from Ford's Tories , was at 31 per cent positive and 33 per cent negative for minus two per cent with 25 per cent neutral and 11 per cent uncertain.
