Lucid Group, Inc. ( LCID ) shares are trading lower after the company reported fourth-quarter earnings on Tuesday and announced management transitions.

The Details: Lucid reported a loss of 22 cents per share, beating analysts’ estimate of a loss of 27 cents per share. In addition, the company reported sales of $234.50 million, beating analysts’ estimate of $214.21 million.

Lucid announced it produced 3,386 vehicles in the fourth-quarter and 9,029 vehicles throughout the year, in line with its previous guidance of 9,000 vehicles. Furthermore, it delivered 3,099 vehicles throughout the quarter and 10,241 vehicles in 2024, representing 79% increase year-over-year.

Lucid expects production of about 20,00 vehicles throughout 2025.

Additionally, Lucid announced that CEO Peter Rawlinson has stepped down as CEO and will transition to the role of Strategic Technical Advisor to the chairman of the company’s board. COO Marc Winterhoff has been appointed Interim CEO.

“2024 was a transformational year for Lucid and I am honored to step into this role as Lucid enters the next phase of its journey,” said Winterhoff. “We have an extremely talented team that is laser-focused on ramping production of Lucid Gravity, our technology licensing business, our Midsize platform vehicles, and further monetization opportunities.”

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

B of A Securities analyst John Murphy downgraded Lucid from a Neutral rating to an Underperform rating and lowered the price target from $3 to $1.

Needham analyst Chris Pierce reiterated a Hold rating on Lucid.

Cantor Fitzgerald analyst Andres Sheppard reiterated a Neutral rating on maintained the $3 price target.

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LCID Price Action: At the time of writing, Lucid shares are trading 13.8% lower at $2.25, according to data from Benzinga Pro.

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