Lucid Group said on Tuesday that Peter Rawlinson will step down as chief executive officer after more than five years in the role, as the electric-vehicle maker expects to more than double its vehicle production this year. The announcement sent Lucid’s shares up 10% in extended trading.
Rawlinson, who has been with Lucid for 12 years, oversaw the launch of the company’s Air models and its transition to a publicly traded firm. “Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid,” he said in a statement. Marc Winterhoff, Lucid’s chief operating officer, will serve as interim CEO.
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The company forecast 2025 production of about 20,000 vehicles, compared with approximately 9,000 units in 2024. Analysts noted that while the production outlook was positive, Rawlinson’s absence from the company’s post-earnings call raised questions about the circumstances surrounding his departure. “I definitely think it was surprising and unusual that he wasn’t present during the call, particularly since they didn’t appoint the new CEO,” said Andres Sheppard, senior equity analyst at Cantor Fitzgerald.
Lucid has been expanding its lineup with the Gravity SUV, aimed at competing with Tesla’s Model X and Rivian’s R1S. The company reported fourth-quarter revenue of $234.5 million, surpassing Wall Street estimates of $214.2 million, according to LSEG data. Net loss for the period was $397.2 million, an improvement from a $653.8 million loss a year earlier.
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Lucid recently named Taoufiq Boussaid as its chief financial officer as it seeks to improve financial performance. The U.S. EV market remains uncertain, with consumers favoring lower-cost hybrid vehicles amid high interest rates and economic concerns.