Lucid Motors CEO Peter Rawlinson has stepped down as the electric vehicle company looks to scale up production and growth.
The company announced Tuesday that Rawlinson will assume the role of "Strategic Technical Advisor to the Chairman of the Board," while Chief Operating Officer Marc Winterhoff will serve as interim CEO.
The leadership change comes as Lucid sets an ambitious goal of producing 20,000 vehicles in 2025, more than double the 9,029 vehicles it built in 2024.
According to CNBC, the announcement was made alongside the company's fourth-quarter financial results, where Lucid reported a net loss of $636.9 million, or 22 cents per share, on revenue of $234.5 million.
Rawlinson, who led Lucid through its public debut via a SPAC merger in 2021, shared his reasoning for stepping down in a LinkedIn post, stating, "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 emphasized his pride in the company's accomplishments, calling Lucid "a widely recognized technological world leader in sustainable mobility."
Lucid CEO Peter Rawlinson Steps Down! Here’s What's Next For The Brandhttps://t.co/ROE5vMmGYj pic.twitter.com/oUeDRaUoSu
— Out of Spec Podcast (@OutofSpecPod) February 27, 2025
Lucid Begins CEO Search Amid Plans to Ramp Up Gravity SUV Production
The company's board has begun searching for a permanent CEO to lead Lucid through its next phase of growth. Winterhoff, who joined the company in December 2023, remarked that Rawlinson's decision was personal, following 12 years of dedication to building Lucid.
Lucid's growth strategy hinges on the success of its new Gravity SUV, which boasts a range of up to 440 miles, 800 horsepower, and acceleration from 0-60 mph in under 3.5 seconds, The Verge said.
The SUV also features a native NACS charging port, making it compatible with Tesla's Supercharger network.
Winterhoff confirmed that production of the Gravity will ramp up throughout the year, though he declined to provide specifics on its share of the total 2025 production target.
Despite the production goals, Lucid faces challenges in a competitive EV market. Industry analysts predict EV market growth will remain flat, particularly affecting luxury brands like Lucid.
The company's stock, already down 13% this year, saw an 8% increase in after-hours trading following the leadership change and production announcement.
Lucid remains financially backed by Saudi Arabia's Public Investment Fund, which invested $2.5 billion in 2024, a crucial factor in sustaining the company amid industry headwinds. With a $6.13 billion liquidity reserve, Lucid aims to navigate market challenges and expand its footprint.
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