Lucid CEO Steps Down; Company Plans to More Than Double Production in 2025

Lucid Group, the electric vehicle (EV) maker renowned for its luxury electric sedans, announced on Tuesday that CEO Peter Rawlinson has stepped down from his role as the company prepares to ramp up its vehicle production significantly. Lucid aims to more than double its vehicle production this year, setting an ambitious target of 20,000 units.

Marc Winterhoff, the company’s Chief Operating Officer (COO), will step in as the interim CEO. In a statement, Lucid clarified that Rawlinson, who was also the company’s Chief Technology Officer (CTO), would continue with the company in a new capacity as a “strategic technical advisor to the chairman of the board.” This marks the end of his involvement in daily operations, as he transitions from his leadership roles.

According to Winterhoff, Rawlinson’s decision to resign was entirely his own. “It was Peter’s decision after 12 years of, let’s say, daily grind or daily activities and bringing the company where it is today… that it is time to step aside and pass the baton,” Winterhoff said in an interview with CNBC. Winterhoff, who joined Lucid from consulting firm Roland Berger in December 2023, did not provide further details on Rawlinson’s reasoning behind the decision.

In a heartfelt LinkedIn post, Rawlinson expressed that it was “finally the right time” for him to step down after the successful launch of Lucid’s second product, the Gravity—an electric three-row SUV. Though the post was long and detailed, Rawlinson refrained from offering more insight into his personal reasons for leaving the CEO position. His departure is a surprising move, considering his long-standing commitment to the company, as well as his significant stake in Lucid. He played a pivotal role in taking the company public through a reverse merger with a special purpose acquisition company (SPAC) in 2021.

Lucid’s board has now initiated a search to identify a permanent CEO to lead the company into its next phase. The timing of the leadership change coincides with the automaker’s fourth-quarter financial results. Lucid reported a net loss attributable to common stockholders of $636.9 million for the period ending December 31, 2024. This equates to a loss of 22 cents per share, with revenue of $234.5 million. Despite the loss, analysts were somewhat optimistic, as Lucid had reported a larger loss of $653.8 million in the same quarter the previous year.

Looking ahead, Lucid aims to achieve 20,000 vehicles in production by the end of 2025, a significant increase from the 9,029 vehicles produced in 2024. The company has also reported 10,241 deliveries for the previous year. Winterhoff indicated that production of the Gravity SUV would gradually ramp up over the year, although he did not offer details on how much of the 20,000-unit target the Gravity would represent. The Gravity is now available to configure and order.

The announcement sparked a slight rise in Lucid’s stock, with shares increasing by around 8% in after-hours trading on Tuesday. However, shares of Lucid have still experienced a decline of roughly 13% this year, largely attributed to slower-than-expected EV adoption and uncertainty surrounding federal support for electric vehicles under the Trump administration. In fact, the stock lost around 28% of its value last year.

Despite these challenges, Lucid remains a major player in the electric vehicle sector, buoyed by significant backing from Saudi Arabia’s Public Investment Fund. The company’s first vehicle, the Air sedan, has been in deliveries since late 2021, establishing a strong foothold in the premium EV market.

As Lucid navigates these transitions, all eyes will be on the company’s ability to meet its production targets and scale up its operations under new leadership. With the Gravity SUV on the horizon, the coming year promises to be a crucial chapter for the automaker.