California-based electric vehicle (EV) maker Lucid Group has announced the stepping down of CEO Peter Rawlinson.
Rawlinson has also departed from his CTO role and from Lucid’s board. The step-down came as Lucid announced a decline share prices in its latest quarterly financial report.
Marc Winterhoff, Chief Operating Officer, has been appointed as Interim CEO and Rawlinson will reportedly be taking on an advisory role to the board.
In a press release from Lucid, Rawlinson commented:
“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.”
The EV company has had continuous support and financial investments from Saudia Arabia’s Public Investment Fund during Rawlinson’s reign.
Lucid’s Chairman of the Board of Directors, Turqi Alnowaiser, said:
“Having assembled a deep bench of technology leaders and positioned the company for its next phase, Peter has decided to step aside from the day-to-day operations and take on an advisory role…The Board looks forward to partnering with Marc and our talented senior leadership team as we execute our strategic initiatives to position the company for long-term growth and gross margin improvement. Under Marc’s leadership, we expect business and operations to continue as usual.”
Rawlinson’s departure was announced at the same time as the release of its financial results for Q4 of 2024 and the full year.
The company announced it has produced 3,386 vehicles in Q4 and 9,029 vehicles in 2024, in line with the 2024 annual production guidance of 9,000 vehicles.
Lucid has said bold ambitions for 2025 forecasting the company will double its production to 20,000 vehicles despite the widening of its net loss to $3.1 billion in 2024.
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