Lucid Group announced that CEO Peter Rawlinson is stepping down as the company plans to increase vehicle production to 20,000 units this year. Marc Winterhoff, the current COO, will serve as interim CEO while Rawlinson will become a strategic technical advisor to the chairman. Rawlinson, a large shareholder and CTO, expressed pride in his team’s accomplishments during his twelve-year tenure.
The announcement came with the company’s fourth-quarter financial results, reporting a net loss of $636.9 million on revenue of $234.5 million. Analysts had predicted a slightly higher loss and lower revenue. The production target for 2025 is a significant increase from the previous year, with plans to produce 20,000 vehicles compared to 9,029 vehicles in 2024.
Despite the positive news, Lucid’s stock had declined by 13% this year and 28% the year prior due to slower-than-expected adoption of electric vehicles and uncertainty about federal support under the Trump administration. Shares rose by 10% in after-hours trading following the announcement.
The board is now actively searching for a new CEO to lead the company. Further updates on this developing story are expected.
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