Emblem pristine Lucid electrical vehicles take a seat parked in entrance of a Lucid Studio showroom in San Francisco on Might 24, 2024.
Justin Sullivan | Getty Photographs
Electrical automobile maker Lucid Crew on Tuesday mentioned CEO Peter Rawlinson has stepped ill as the corporate expects to greater than double automobile manufacturing this date to twenty,000 gadgets.
Lucid mentioned Marc Winterhoff, the corporate’s working officer, has taken over as period in-between CEO. Rawlinson will provide as a “strategic technical advisor to the chairman of the board, stepping aside from his prior roles,” the company said.
Winterhoff advised CNBC on Tuesday that it was once Rawlinson’s choice to renounce as of Friday, on the other hand he declined to elaborate on any extra main points.
“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,” mentioned Winterhoff, who joined Lucid from Roland Berger in December 2023.
In a commentary posted Tuesday on LinkedIn, Rawlinson mentioned he determined it was once “finally the right time” to step ill nearest “successfully” launching the corporate’s 2nd product, a three-row SUV known as the Gravity. He didn’t elaborate additional at the choice within the long publish.
Rawlinson’s depart is sudden. As probably the most corporate’s biggest shareholders, Rawlinson, who additionally served as era officer, has automatically touted his interest and stake within the automaker. He took Lucid crowd thru a opposite merger with a different goal acquisition corporate, 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 sold a single damn share of this stock, except what was necessary for tax purposes,” Rawlinson mentioned all through the corporate’s third-quarter name in November. “So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.”
Lucid’s board has initiated a seek to spot a pristine CEO, the corporate mentioned.
The CEO exchange and manufacturing goal have been introduced along side the automaker’s fourth-quarter monetary effects. For the length ended Dec. 31, the corporate reported a internet loss on account of familiar stockholders of $636.9 million, or a lack of 22 cents in keeping with percentage, on income of $234.5 million.
Analysts surveyed via LSEG anticipated a lack of 25 cents in keeping with percentage on income of $214 million.
All the way through the similar length closing date, Lucid reported a internet loss on account of familiar stockholders of $653.8 million, or a lack of 29 cents in keeping with percentage, on income of $157.2 million.
The manufacturing goal for 2025 introduced Tuesday is in comparison with manufacturing of 9,029 automobiles and deliveries of 10,241 reported for 2024.
Lucid Gravity Lavish Traveling SUV (left) and Lucid Breeze sedan EVs
Lucid
Winterhoff mentioned manufacturing of the Gravity SUV will steadily manufacture all through the date. He declined to take a position on what share of the 20,000-unit manufacturing goal the automobile would constitute.
Stocks of Lucid have been about 8% upper all through afterhours buying and selling Tuesday.
As of marketplace near, stocks of the corporate have been ill about 13% this date amid slower-than-expected adoption of all-electric automobiles and dubiousness about federal aid for EVs beneath the Trump management. The hold declined via more or less 28% closing date.
Lucid is in large part sponsored via Saudi Arabia’s Crowd Funding Treasure. Its first product was once the Breeze sedan, which it all started handing over in overdue 2021.
