Lucid CEO Peter Rawlinson steps down; EV maker plans to double production

Lucid CEO Peter Rawlinson Steps Down, Marc Winterhoff Takes Over as Interim CEO

Lucid Group, an electric vehicle maker, announced on Tuesday that CEO Peter Rawlinson has stepped down, effective Friday. Rawlinson will serve as a strategic technical advisor to the chairman of the board, stepping aside from his prior roles. Marc Winterhoff, the company’s chief operating officer, has taken over as interim CEO.

Reason for Departure

According to Winterhoff, it was Rawlinson’s decision to resign, citing the need to step aside and pass the baton after 12 years of leading the company. Rawlinson had launched the company’s second product, the Gravity three-row SUV, and felt that it was "finally the right time" to step down. In a statement posted on LinkedIn, Rawlinson did not elaborate further on his decision.

Production Targets and Financials

Lucid also announced that it expects to more than double its vehicle production to 20,000 units in 2025, up from 9,029 vehicles produced in 2024. The company reported a net loss of $636.9 million, or 22 cents per share, on revenue of $234.5 million for the fourth quarter ended December 31.

Analysis and Reaction

Analysts surveyed by LSEG had expected a loss of 25 cents per share on revenue of $214 million. The production target for 2025 is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024. Shares of Lucid were about 8% higher in after-hours trading on Tuesday, following the announcement.

What’s Next for Lucid

Lucid’s board has initiated a search to identify a new CEO. Winterhoff did not elaborate on what percentage of the 20,000-unit production target the Gravity SUV will represent. The company will focus on gradually building production of the Gravity SUV during the year.

Frequently Asked Questions

Q: Why did Peter Rawlinson step down as CEO?
A: It was Rawlinson’s decision to step down, citing the need to step aside and pass the baton after 12 years of leading the company.

Q: Who will take over as CEO?
A: Marc Winterhoff, the company’s chief operating officer, will serve as interim CEO.

Q: What are Lucid’s production targets for 2025?
A: Lucid expects to more than double its vehicle production to 20,000 units in 2025.

Q: How did the market react to the news?
A: Shares of Lucid were about 8% higher in after-hours trading following the announcement.