EV startup Lucid Motors (LCID) released its fourth-quarter earnings on Tuesday, beating estimates with big expectations for 2025. Lucid said it expects to produce about 20,000 EVs this year with the output of its first electric SUV, the Gravity, ramping up.
Q4 2024 earnings preview
After four straight record quarters, Lucid delivered 10,241 vehicles last year. That’s up 70% from the roughly 6,000 EVs Lucid delivered in 2023.
In the final three months of 2024, the company delivered 3,099 vehicles alone, nearly 80% more than the year prior. Lucid also hit its production target for the year with 9,029 EVs built at its Casa Grande, Arizona manufacturing plant.
After launching its first electric SUV, the Gravity, in December, the EV maker expects output to pick up this year.
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The higher volume helped Lucid generate $200 million in revenue in the third quarter, but its net loss also widened to $992.5 million compared to $630.9 million in Q3 2023.
Like most, Lucid has introduced significant discounts and incentives with up to $15,000 in savings on select Air models.
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Full-year 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Full-year 2024
Lucid EV deliveries by quarter
1,932
1,406
1,404
1,457
6,001
1,734
1,967
2,394
2,781
3,099
10,241
Lucid (LCID) EV deliveries by quarter through 2023 to 2024
Wall St is estimating Lucid will post Q4 revenue of $214 million, up from $157.2 million in Q4 2023, with an eps loss of 0.25.
Lucid aims to double EV production in 2025
Lucid reported Q4 revenue of $234.5 million, up nearly 50% from the prior year and beating Wall St estimates. For the full year, the company generated $807.8 million, up from $595.2 million in 2023.
Lucid Q4 2024 revenue: $234.5 million vs $214 million expected
Lucid Q4 2024 EPS: (-$0.22) vs (-$0.25) expected
The company also improved gross margins by 72pts to (-89%). Despite the higher output, Lucid’s operating loss narrowed to $732.95 million in Q4, down from $736.87 million a year prior.
Lucid ended the quarter with about $6.13 billion in liquidity, which the EV maker said will be sufficient into the second half of 2026 when it plans to launch its midsize platform.
Lucid Q4 2024 earnings (Source: Lucid Motors)
CEO Peter Rawlinson said earlier this month that the midsize platform is “finally when we compete directly with Tesla.” The first two models are expected to be an electric SUV and sedan starting at around $50,000, aimed at Tesla’s Model 3 and Model Y.
Interim CFO Gagan Dhingra said, “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).”
(Source: Lucid Motors)
Lucid expects to produce around 20,000 vehicles in 2025, more than double the just over 9,000 EVs it built last year.
The company said it will “continue to prudently manage and adjust production to meet sales and delivery needs” this year.
Lucid Gravity electric SUV at a Tesla Supercharger (Source: Lucid Motors)
Lucid’s upbeat guidance comes after Rivian (RIVN) announced during its Q4 earnings last week that it expected slightly fewer deliveries this year. Rivian said the lower guidance was due to “external factors,” including changes in government policies and regulations.
The company also announced several management changes. COO Mark Winterhoff will serve as interim CEO, while Peter Rawlinson will become a Strategic Technical Advisor on the board. Meanwhile, Taoufiq Boussaid has been appointed CFO.
Lucid’s stock climbed over 8% after beating fourth quarter estimates and raising EV output guidance for 2025. Check back for updates from Lucid’s earnings call. We will post updates from the call below.
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A Thames Valley Police officer from the Police force’s Specialist Search Unit, accompanied by police dog Jack, carries out security searches outside of Windsor Castle in Windsor, on September 12, 2025, ahead of the State Visit by US President Donald Trump.
Jordan Pettitt | Afp | Getty Images
The U.S. and U.K are expected to sign a flurry of major new deals during U.S. President Donald Trump‘s state visit to Britain this week, seeking to kickstart a “golden age” of nuclear power.
Some of the multi-billion-pound agreements set to be inked include plans by U.S. and U.K. companies to build up to 12 advanced new modular reactors in Hartlepool, a port town in northeast England, and a push to develop data centers powered by small modular reactors (SMRs) in Nottinghamshire.
The cross-Atlantic partnership is hoped to generate thousands of jobs, speed up the process of building new nuclear power stations and unlock billions in private investment.
U.K. Prime Minister Keir Starmer on Monday said the two countries were “building a golden age of nuclear” that would put them “at the forefront of global innovation and investment.”
The deal announcement reaffirms both the U.S. and U.K.’s embrace of nuclear power, particularly when it comes to fueling the energy-intensive data centers needed to train and run massive artificial intelligence tools.
X-Energy, a U.S.-based company aiming to develop high-tech nuclear plants, and British Gas owner Centrica said the Hartlepool plans would generate enough power for up to 1.5 million homes and create up to 2,500 jobs.
The companies also estimate the overall program could deliver at least £40 billion ($54.25 billion) in economic value.
The Sizewell A and B nuclear power stations, operated by Electricite de France SA (EDF), in Sizewell, UK, on Friday, Jan. 26, 2024. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
U.S.-based Holtec meanwhile said plans to build advanced data centers powered by SMRs in Nottinghamshire would be worth around £11 billion. The project is set to be jointly developed by Holtec, EDF and Tritax.
SMRs promise to have smaller and lighter footprints than traditional power plants, potentially making them cheaper and quicker to build when they are fully commercialized.
Amazon and Google both signed deals last year to develop SMRs in the U.S., as tech giants increasingly turn to nuclear power to fulfill the growing energy demands of data centers.
‘A true nuclear renaissance’
Some of the other deals expected to be signed as part of the agreement, known as the Atlantic Partnership for Advanced Nuclear Energy, include plans to establish the world’s first micro modular nuclear power plant.
“With President Trump’s leadership, the United States is ushering in a true nuclear renaissance – harnessing the power of commercial nuclear to meet rising energy demand and fuel the AI revolution,” U.S. Secretary of Energy Chris Wright said on Monday.
As it is low-carbon, advocates argue that nuclear power has the potential to play a significant role in helping countries generate electricity while slashing emissions and reducing their reliance on fossil fuels.
Some environmental groups, however, warn that the nuclear industry is an expensive and harmful distraction from cheaper and cleaner alternatives.
Greenworks’ latest 60V cordless chainsaw delivers performance that rivals many gas models, but without the harmful emissions or annoying pull cord. Whether dropping saplings, pruning thick limbs, or clearing up trails after a storm, this battery-powered tool is ready to work.
First released at last year’s CES show in Las Vegas, Greenworks’ 60V li-ion battery packs enough power for 100 clean cuts of the saw’s 16″ blade, and its lightweight, 12.5 lb. frame, tool-less chain tensioner, and automatic oiling system come together for convenient maintenance and easy-to-control power.
When it’s time to get to work, the chainsaw’s brushless electric motor can spin the chain at more than 10,000 rpm with (the company claims) about 20% more torque than a 42cc gas chainsaw for fast, confident cuts through hard woods while keeping noise and vibration to a minimum.
That low-noise and fume-free operation makes Greenworks’ chainsaws an upgrade for both the operator and the neighborhood.
“Greenworks is proud to offer comprehensive battery-powered solutions for everyone, from homeowners and outdoor enthusiasts to major commercial landscaping contractors,” Klaus Hahn, Greenworks’ President, explained at its launch. “These innovations further our company’s vision of building a more powerful future with clean energy, and they illustrate our tagline ‘Life. Powered. By Greenworks.’”
Greenworks 60V chainsaw specs
up to 100 cuts on a single charge with the included 2.5Ah battery on 4×4 wood
20% more torque and faster cutting than a 42cc gas chainsaw
no prime, no choke, no pull with no aggravating pull cord
2.0 kW (2.7 hp) max output
brushless motor provides more power, longer run-times, and extended life
The Greenworks 60V 16″ brushless cordless chainsaw, a 2.5Ah battery, and charger are available online for $299.99 – but it’s on sale for “just” $189.99 (or $192.49, with the 18″ arm) on Amazon through September 18th.
If you needed another reason to check it out, the company claims using the electric chainsaw instead of a gas unit saves as much carbon emissions as driving 11,000 miles.
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Heavy mineral and metals mining is one of the dirtiest industries on the planet, but Chinese equipment giant XCMG doesn’t think it has to stay that way. To prove it, the company has unveiled a sweeping pledge to electrify and decarbonize mining — and they’re dragging over 100 global partners with them.
Along with with 107 global industry partners from 26 countries, Chinese equipment brand XCMG has issued a Joint Declaration on Global Zero-Carbon Smart Mining, aiming to electrify, automate, and otherwise decarbonize international mining. The pledge addresses 12 key areas including electrification, autonomous operation, net-zero emissions, circular economy, technology sharing, international cooperation, and smarter maintenance strategies.
“As a global leader in zero-carbon smart mining solutions, XCMG is committed to addressing industry bottlenecks through integrating new energy equipment, intelligent control systems and full-lifecycle services,” said Yang Dongsheng, chairman of XCMG Group. “We have resolved the four core challenges of energy infrastructure, new energy equipment portfolios, smart mining management systems and financial support, aiming to help our customers achieving both business growth and environmental wins.”
It’s always great to see efforts like this to decarbonize. But those efforts mean millions of new equipment assets to replace the millions of existing diesel assets deployed currently.
With a strong hand in the autonomous haul truck race and ultra-competitive pricing to back their electric plays, it seems like XCMG is about to get serious as it expands its reach into the Western world. It’s no wonder the legacy brands are running scared and hiding behind the bogus “messy middle” propaganda!
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