Lucid CEO steps down; EV maker plans to more than double production in 2025

Electric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.

Lucid said Marc Winterhoff, the company’s chief operating officer, has taken over as interim CEO. Rawlinson will serve as a “strategic technical advisor to the chairman of the board, stepping aside from his prior roles,” the company said.

Winterhoff told CNBC on Tuesday that it was Rawlinson’s decision to resign as of Friday, however he declined to elaborate on any additional details.

“It was Peter’s decision after 12 years of, let’s say, daily grind or daily activities and bringing the company where it is today … that it is time to step aside and pass the baton,” said Winterhoff, who joined Lucid from Roland Berger in December 2023.

In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was “finally the right time” to step down after “successfully” launching the company’s second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.

Rawlinson’s departure is unexpected. As one of the company’s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker. He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.

“My mission and my dedication is steadfast. I’ve not sold a single damn share of this stock, except what was necessary for tax purposes,” Rawlinson said during the company’s third-quarter call in November. “So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.”

Lucid’s board has initiated a search to identify a new CEO, the company said.

The CEO change and production target were announced in conjunction with the automaker’s fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.

Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.

During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.

The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.

Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.

Shares of Lucid were about 8% higher during afterhours trading Tuesday.

As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.

Lucid is largely backed by Saudi Arabia’s Public Investment Fund. Its first product was the Air sedan, which it began delivering in late 2021.