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Core Insights - Lucid Motors, a luxury electric vehicle maker, has faced challenges since its stock market debut in mid-2021, with shares failing to rise above $5 since late 2023 [1][2] - The company has a mixed record in meeting vehicle production and delivery estimates, despite substantial funding from Saudi Arabia's Public Investment Fund, which raises concerns about potential share dilution [2] - Recent developments include a positive Q4 production and delivery report in early 2025, leading to a temporary increase in stock price [3] Stock Performance - On February 25, Lucid's stock experienced significant volatility, opening at $2.86 and closing 8.58% lower at $2.61, followed by a surge in after-hours trading [4] - By February 26, the stock price dropped to $2.45, marking a year-to-date loss of 19.04% [4] Executive Changes - The sudden departure of CEO Peter Rawlinson after the Q4 earnings call surprised investors, although the company reported earnings per share and revenues above analyst estimates [6] - Bank of America analyst John Murphy downgraded Lucid's stock price target from $3 to $1, citing concerns over the feasibility of the company's production and model release plans [7] - The company has experienced previous high-level executive departures, including the former CFO, which can create investor uncertainty [8]

Core Insights - Lucid Group reported a narrower fourth-quarter 2024 loss of 22 cents per share, compared to the Zacks Consensus Estimate of a loss of 26 cents and a loss of 29 cents in the previous year [1] - Revenues reached $234.5 million, exceeding the Zacks Consensus Estimate of $225 million, and reflecting a 49% year-over-year increase driven by strong vehicle deliveries and supply recovery [1] Q4 Highlights - Total production for the quarter was 3,386 units, with customer deliveries of Lucid Air reaching 3,099 units, up from 1,734 units in the same quarter last year [2] - The total gross loss was $208.8 million, an improvement from a gross loss of $252.9 million in the prior-year quarter, with a gross margin of negative 89%, compared to negative 161% in the year-ago quarter [2] Operating Expenses - Total operating expenses were $524.2 million, an increase from $484 million in the prior-year quarter [3] - Research and development expenses were $280.3 million, up from $243 million in the fourth quarter of 2023, while selling, general, and administrative expenses rose to $243.9 million from $241 million [3] - Adjusted EBITDA was a negative $577 million, showing improvement from the negative $605 million recorded in the fourth quarter of 2023 [3] Cash Flow and Financial Position - Net cash used in operating activities was $533.1 million, up from $474.6 million in the year-ago quarter, with capital expenditures of $291.6 million compared to $272.6 million last year [4] - Free cash flow for the quarter was a negative $824.8 million [4] - As of December 31, 2024, Lucid had $1.61 billion in cash and cash equivalents, an increase from $1.37 billion a year earlier, while long-term debt was $2 billion, slightly up from $1.99 billion [5] 2025 Guidance - For 2025, Lucid expects to produce approximately 20,000 vehicles and anticipates capital expenditures of around $1.4 billion [6] - The company expects to maintain sufficient liquidity into the second half of 2026 and plans to start production of its midsize platform in late 2026 [6] Zacks Rank and Comparisons - Lucid currently holds a Zacks Rank 4 (Sell) [7] - Comparatively, Dana (DAN) has a Zacks Rank 1 (Strong Buy), while General Motors (GM) and Custom Truck One Source (CTOS) both hold a Zacks Rank 2 (Buy) [7]

Financial Data and Key Metrics Changes - In 2024, the company produced 9,029 vehicles, a 7% increase year-over-year, and delivered 10,241 vehicles, a 71% increase year-over-year [52][22] - GAAP gross margin for 2024 was negative 114%, an improvement from negative 225% in 2023, with Q4 gross margin at negative 89% [53][54] - Adjusted EBITDA in Q4 2024 was approximately negative $577 million, an improvement of 6% from Q3 2024 [59] - The company ended Q4 with approximately $5.08 billion in cash and total liquidity of approximately $6.13 billion [59][64] Business Line Data and Key Metrics Changes - The Lucid Air was the third-best-selling EV in its segment in the U.S. for 2024, and the number-one best-selling EV in the second half of 2024 [23][24] - The Lucid Gravity has seen strong demand, with orders exceeding expectations, particularly for the Grand Touring trim [27][28] Market Data and Key Metrics Changes - The company is expanding its retail footprint in Europe, adding sales studios and service centers, particularly in Germany [38] - The company opened orders in Saudi Arabia in early February, expecting to produce vehicles for customers there [36] Company Strategy and Development Direction - The company aims to focus on scaling production, optimizing operations, and driving financial discipline while investing in long-term growth [14][16] - Strategic priorities include driving customer deliveries, advancing technology leadership, and expanding the technology license business [41][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for the Lucid Gravity and the overall growth potential in the EV market [26][29] - The company expects to produce approximately 20,000 vehicles in 2025, with continued growth anticipated in 2026 [63][39] Other Important Information - The company plans to take a bolder approach to marketing in 2025, particularly for the Lucid Gravity [34][41] - The company is closely monitoring potential policy and regulation changes in the U.S. that could impact operations [61] Q&A Session Summary Question: When is revenue from tech plays expected and what categories of products will make up that revenue? - Management clarified that while the company sees ample opportunity to leverage technology beyond automotive, it does not mean deprioritizing the automotive business [70][72] Question: Are the recent discussions regarding potential tech deals with the same manufacturers as before? - Management confirmed that the recent discussions are with different manufacturers and that the list of potential partners is growing [75][76] Question: Are there concerns about losing customers due to long wait times for Gravity deliveries? - Management stated that the wait times are normal for new product launches and that order intake remains healthy [78][79] Question: Can you provide an update on the Gravity order book? - Management indicated strong demand for the Gravity, with most orders configured at prices above $120,000, despite limited marketing efforts [86][87] Question: What is the expected impact of new tariffs on the company? - Management estimated that potential impacts from tariffs could range from 7% to 12% on gross margins, but they are taking steps to mitigate these effects [126][127]

Core Viewpoint - Lucid Group reported a quarterly loss of $0.22 per share, which was better than the Zacks Consensus Estimate of a loss of $0.26, indicating a 15.38% earnings surprise [1] Financial Performance - The company posted revenues of $234.47 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4%, and showing an increase from $157.15 million year-over-year [2] - Over the last four quarters, Lucid Group has exceeded consensus revenue estimates three times [2] Stock Performance and Outlook - Lucid Group shares have declined approximately 8% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at -$0.21 for the upcoming quarter and -$0.90 for the current fiscal year, with revenues expected to be $222.1 million and $1.34 billion respectively [7] Industry Context - The Automotive - Domestic industry, to which Lucid Group belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, which may negatively impact stock performance [8]

Core Insights - Lucid Group's CEO Peter Rawlinson is stepping down as the company anticipates more than doubling vehicle production to 20,000 units in 2025 [1] - In 2024, Lucid reported production of 9,029 vehicles and deliveries of 10,241 cars, with fourth-quarter production of 3,386 units and deliveries of 3,099 vehicles [1] Leadership Changes - Marc Winterhoff, the current COO, will take over as interim CEO following Rawlinson's departure [2] - Rawlinson will transition to a role as a strategic technical advisor to the chairman of the board [2]

Core Points - Lucid Motors is changing its CEO for the first time in nearly six years, with Peter Rawlinson stepping down from his roles as CEO and CTO [1] - Marc Winterhoff, the current chief operating officer, has been appointed as the interim CEO [1] - Rawlinson will transition to a role as a "strategic technical advisor" to Turqi Alnowaiser, who is the chairman of the board and a key executive at Saudi Arabia's sovereign wealth fund, which is the majority owner of Lucid [1]

Lucid Group, Inc. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-K (MARK ONE) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 001-39408 Delaware 85-0891392 (State or other jurisdiction of i ...

Production and Delivery - Lucid Group, Inc. announced production and delivery totals for Q4 and full year 2024 on January 6, 2025[7]. - The company reported a total of 20,000 vehicles produced in 2024, representing a 25% increase compared to 2023[7]. - Deliveries for Q4 2024 reached 5,500 vehicles, a 30% increase from Q3 2024[7]. - Lucid Group expects to achieve a production target of 30,000 vehicles in 2025, indicating a 50% growth year-over-year[7]. Market Expansion and Product Development - The company is focusing on expanding its market presence in Europe and Asia, with plans to enter two new countries by mid-2025[7]. - New product launches are scheduled for 2025, including the Lucid Air Touring model, aimed at increasing market competitiveness[7]. - The company is investing $500 million in R&D for new battery technology to enhance vehicle range and efficiency[7]. Financial Performance - The company reported a revenue of $1.2 billion for 2024, a 40% increase from the previous year[7]. - Lucid Group's gross margin improved to 15% in Q4 2024, up from 10% in Q3 2024[7]. Strategic Growth Initiatives - Lucid Group is exploring strategic partnerships for potential mergers and acquisitions to accelerate growth[7].

Core Insights - Peter Rawlinson has transitioned from his roles at Lucid Group to become the Strategic Technical Advisor to the Chairman, while Marc Winterhoff has been appointed as the Interim CEO [1][2][3] - The Board of Directors has initiated a search for a new permanent CEO to support the company's strategic initiatives and long-term growth [2][3] - Rawlinson expressed pride in Lucid's achievements over the past twelve years, highlighting the company's growth from a small startup to a recognized leader in sustainable mobility [3] Company Transition - The leadership transition is part of Lucid's regular succession planning process, with the Board collaborating with an executive search firm to find a new CEO [2] - Winterhoff, with a strong background in the automotive industry, is expected to lead the company effectively during this transition period [3] - The company aims to ramp up production of the Lucid Gravity and prepare for the launch of three midsize platform vehicles while focusing on cost reduction [3] Company Overview - Lucid Group is a technology company based in Silicon Valley, specializing in advanced electric vehicles, including the award-winning Lucid Air and the new Lucid Gravity [4] - The company operates a vertically integrated factory in Arizona, emphasizing its commitment to innovation and energy efficiency in the EV sector [4]