Lucid CEO Steps Down As EV Maker Plans To Double Production

Lucid CEO Peter Rawlinson has stepped down, with COO Marc Winterhoff taking over as interim CEO. The company also announced its fourth-quarter financial results and revealed plans to more than double vehicle production to 20,000 units in 2025. CNBC reports: 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.

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.

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