Lucid Motors to Double EV Production in 2025 Despite $2.7 Billion Loss in 2024

Lucid Motors

Leadership Change and Panasonic Battery Deal Signal Strategic Shift for U.S. Luxury EV Maker

Lucid Sets Ambitious 2025 Production Target Amid Financial Headwinds

Lucid Motors has raised its 2025 production forecast to 20,000 vehicles, more than doubling its 2024 output of 9,029 units. The company met its prior guidance of 9,000 units, indicating improved operational control despite ongoing financial losses.

Lucid reported a net loss of $2.7 billion in 2024, slightly down from $2.8 billion in 2023. Although losses remain steep, the consistent production performance and forward-looking targets show signs of gradual stabilization.

Executive Leadership Changes as Lucid Repositions Strategy

Peter Rawlinson, Lucid’s long-standing CEO, will transition into a new role as strategic technical advisor. The company appointed Marc Winterhoff as interim chief executive to steer Lucid through its next growth phase.

This leadership reshuffle comes at a pivotal time, as Lucid attempts to scale production, control costs, and reinforce its position in the luxury EV segment amid fierce competition from Tesla, Rivian, and traditional automakers pivoting to electric platforms.

Battery Supply Secured Through Panasonic Partnership

To support its expanded production, Lucid maintains a multi-year battery supply agreement with Japan’s Panasonic, ensuring a stable supply of lithium-ion battery cells. This deal helps mitigate potential supply chain disruptions, especially as global EV battery demand continues to soar.

With fresh leadership and a secured supply chain, Lucid aims to strengthen its foothold in the high-performance electric sedan market while positioning itself for long-term scalability.