Model new Lucid electrical automobiles sit parked in entrance of a Lucid Studio showroom in San Francisco on Might 24, 2024.
Justin Sullivan | Getty Photographs
Electrical car maker Lucid Group on Tuesday stated CEO Peter Rawlinson has stepped down as the corporate expects to greater than double car manufacturing this 12 months to twenty,000 items.
Lucid stated Marc Winterhoff, the corporate’s chief working officer, has taken over as interim CEO. Rawlinson will function a “strategic technical advisor to the chairman of the board, stepping other than his prior roles,” the corporate stated.
Winterhoff advised CNBC on Tuesday that it was Rawlinson’s determination to resign as of Friday, nonetheless he declined to elaborate on any extra particulars.
“It was Peter’s determination after 12 years of, to illustrate, each day grind or each day actions and bringing the corporate the place it’s immediately … that it’s time to step apart and move the baton,” stated Winterhoff, who joined Lucid from Roland Berger in December 2023.
In a press release posted Tuesday on LinkedIn, Rawlinson stated he determined it was “lastly the suitable time” to step down after “efficiently” launching the corporate’s second product, a three-row SUV known as the Gravity. He didn’t elaborate additional on the choice within the prolonged publish.
Rawlinson’s departure is sudden. As one of many firm’s largest shareholders, Rawlinson, who additionally served as chief expertise officer, has routinely touted his ardour and stake within the automaker. He took Lucid public by way of a reverse merger with a particular function acquisition firm, or SPAC, in July 2021.
CEO Peter Rawlinson poses on the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021.
Caitlin O’Hara | Reuters
“My mission and my dedication is steadfast. I’ve not bought a single rattling share of this inventory, besides what was essential for tax functions,” Rawlinson stated throughout the firm’s third-quarter name in November. “So, my promise is to proceed to work tirelessly day and night time to drive that long-term shareholder worth.”
Lucid’s board has initiated a search to determine a brand new CEO, the corporate stated.
The CEO change and manufacturing goal had been introduced together with the automaker’s fourth-quarter monetary outcomes. For the interval ended Dec. 31, the corporate reported a internet loss attributable to frequent stockholders of $636.9 million, or a lack of 22 cents per share, on income of $234.5 million.
Analysts surveyed by LSEG anticipated a lack of 25 cents per share on income of $214 million.
Throughout the identical interval final 12 months, Lucid reported a internet loss attributable to frequent stockholders of $653.8 million, or a lack of 29 cents per share, on income of $157.2 million.
The manufacturing goal for 2025 introduced Tuesday is in contrast with manufacturing of 9,029 automobiles and deliveries of 10,241 reported for 2024.
Lucid Gravity Grand Touring SUV (left) and Lucid Air sedan EVs
Lucid
Winterhoff stated manufacturing of the Gravity SUV will step by step construct throughout the 12 months. He declined to take a position on what share of the 20,000-unit manufacturing goal the car would symbolize.
Shares of Lucid had been about 8% greater throughout afterhours buying and selling Tuesday.
As of market shut, shares of the corporate had been down about 13% this 12 months amid slower-than-expected adoption of all-electric automobiles and uncertainty about federal assist for EVs below the Trump administration. The inventory declined by roughly 28% final 12 months.
Lucid is essentially backed by Saudi Arabia’s Public Funding Fund. Its first product was the Air sedan, which it started delivering in late 2021.
