Lucid Group (LCID) reported market-beating results for its fourth quarter of 2024 on Wednesday, Feb. 26. 

In the earnings release, the company also revealed plans to produce 20,000 vehicles this year – more than double the number of units it produced in 2024. 

Still, shares of Lucid Group ended down nearly 15% today as investors focused more on the departure of Peter Rawlinson, the company’s chief executive and chief technology officer. 

LCID shares are down more than 25% in the year to date. 

Could Lucid Stock Double from Here?

Prior to Rawlinson’s resignation, Benchmark analyst Mickey Legg initiated coverage with a “Buy” rating and $5 price target that implies more than 100% upside potential from current prices. 

He expects the company’s EV production to improve over the next three years, and for its “technology, balance sheet, access to capital … and award-winning vehicles” to drive share price gains over the next 12 months. 

Lucid’s Q4 Earnings Highlights

Lucid has started its search for a new chief executive. In the meantime, the company’s chief operating officer, Marc Winterhoff, will serve as its interim CEO.  

In the final quarter of last year, the EV maker narrowed its per-share loss to $0.22 as revenue increased more than 50% to $234.5 million. 

Analysts, in comparison, had called for a loss per share of $0.25 on $214 million in revenue. LCID made “substantial progress in improving gross margins, managing operating expenses while balancing strategic growth investments,” according to Gagan Dhingra, Lucid’s interim CFO.  

Still, Lucid stock has been cut nearly in half over the past six months. 

What Other Analysts Expect from LCID in 2025

A number of other Wall Street analysts agree with Benchmark on the EV stock.  

The consensus rating on Lucid stock currently sits at “Hold,” but the mean target of $2.96 still translates to more than 30% upside potential from current levels.