Lucid Stock Skyrockets After Announcing Doubling Of Deliveries
Lucid‘s future looks clearer.
The American startup automaker’s stock spiked as much as 10% in after hours trading following the release of its 2024 earnings report, which beat the estimates from Wall Street analysts for both earnings and loss per share.
Lucid finished 2024 with 9,029 deliveries and said it expects to more than double that to 20,000 in 2025 with the addition of its new Gravity SUV to its lineup alongside the Air sedan.
Lucid CEO and CTO Peter Rawlinson, who was the architect behind the company’s creation, also made the surprise announcement that he is stepping down and will become Strategic Technical Advisor to the Chairman of the Board.
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COO Marc Winterhoff will become interim Chief Executive Officer while a search for a permanent replacement for Rawlinson ensues. No timetable was given for the company to make a decision.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,” Rawlinson said in a news release. “We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility. It has been my honor to have led and grown this remarkable, truly world class team, because Lucid has always been first and foremost about a team effort. I look forward to continuing to serve as Strategic Technical Advisor to the Chairman of the Board and hence I am delighted to remain a part of the Lucid family to support the continued success and growth of the company.”
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The Air has racked up several accolades since it launched in 2021 including the American Cars And Racing 2024 US-Built Luxury Vehicle Of The YearTM award.