Shares of electric vehicle maker Lucid Group Inc. (LCID) surged over 10% in after-hours trading on Tuesday, following the company's fourth-quarter 2024 earnings report and a series of key announcements.

Lucid reported better-than-expected financial results for Q4 2024, with revenue of $234.5 million surpassing analysts' estimates of $214.2 million. The company's net loss per share of $0.22 also came in narrower than the projected loss of $0.27. Lucid delivered 3,099 vehicles in the quarter and produced 3,386 units, ending the year with 9,029 vehicles produced.

More significantly, Lucid issued guidance for 2025, projecting production of approximately 20,000 vehicles for the year. This robust outlook underscores the company's strong growth trajectory as it ramps up its manufacturing capabilities.

In a key management transition, Lucid announced that its CEO and CTO, Peter Rawlinson, has decided to step aside from his roles. Rawlinson, however, will continue to serve as a strategic technical advisor to the company's board chairman. Chief Operating Officer Marc Winterhoff has been appointed as Lucid's interim CEO.

The market reacted favorably to Lucid's quarterly beat, 2025 production guidance, and leadership changes. Investors appear optimistic about the company's growth prospects, improving financials, and strategic direction under the new management structure.

Lucid ended the fourth quarter with approximately $6.13 billion in total liquidity, bolstering its financial position as it pursues expansion plans and new product development initiatives.