Electric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson is stepping down as the company expects to more than double vehicle production this year to 20,000 units.<\/p>\n
Lucid said Marc Winterhoff, currently the company\u2019s chief operating officer, will step in as interim CEO. Rawlinson will serve as a \u201cstrategic technical advisor to the chairman of the board, stepping aside from his prior roles,\u201d the company said.<\/p>\n
\u201cI am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,\u201d Rawlinson said in a statement. <\/p>\n
Rawlinson\u2019s departure is unexpected. As one of the company\u2019s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker.<\/p>\n
Lucid\u2019s board has initiated a search to identify a new CEO, the company said.<\/p>\n
The CEO change and production target were announced in conjunction with the automaker\u2019s 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.<\/p>\n
Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.<\/p>\n
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.<\/p>\n
The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.<\/p>\n
Shares of Lucid were about 10% higher during afterhours trading Tuesday.<\/p>\n
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.<\/p>\n<\/p>\n
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