On February 25, EV maker Lucid’s CEO, Peter Rawlinson, announced he would be stepping down after more than five years in that role. He will transition from strategic technical advisor to chairman of the board, while Chief Operating Officer (COO) Marc Winterhoff will take over as interim CEO.Â
The company has initiated a search for a permanent replacement.Â
Rawlinson’s departure comes at a pivotal time for Lucid, which forecasts production to more than double in 2025. Lucid expects to produce approximately 20,000 vehicles this year, up from around 9,000 in 2024. Following the announcement, the company’s shares surged 10% in after-hours trading.
“Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside,” Rawlinson said in the EV makers’ press release. He continues, “I am incredibly proud of what we’ve built and look forward to supporting Lucid in an advisory capacity.”
During his 12-year tenure, Rawlinson played a critical role in launching the Air luxury sedan and taking Lucid public. However, the company has struggled financially, cutting prices to stimulate demand while burning through cash to ramp up production. With EV demand softening in the U.S., Lucid is turning to the SUV market to drive growth.
The newly launched Gravity SUV is expected to be a key factor in Lucid’s long-term success. Competing with Tesla’s Model X and Rivian’s R1S, the Gravity marks Lucid’s expansion into a more popular segment. Analysts see the model as a bridge to Lucid’s planned mid-size EV lineup set for release in 2026.
Despite ongoing challenges, Lucid reported $234.5 million in revenue for Q4, exceeding Wall Street’s $214.2 million estimate. However, the company still posted a $397.2 million loss for the quarter, though it was an improvement from the $653.8 million loss a year prior. The company continues to lose significant money per vehicle, while competitors like Rivian are aggressively cutting costs to reach profitability.
However, the EV maker recently appointed Taoufiq Boussaid as its Chief Financial Officer to improve financial stability. Boussaid has a proven history of reducing corporate debt and is expected to help Lucid manage its cash flow more efficiently.
As Lucid undergoes leadership changes and shifts its focus toward SUVs, all eyes will be on the company’s progress in scaling production, boosting demand, and establishing a strong position in the electric vehicle market.
