Electric vehicle maker\u00a0Lucid Group\u00a0on Tuesday said CEO Peter Rawlinson is stepping down as the company expects to more than double vehicle production this year to 20,000 units.<\/p>\n
Lucid said Marc Winterhoff, currently the company\u2019s chief operating officer, will step in as interim CEO. Rawlinson will serve as a \u201cstrategic technical advisor to the chairman of the board, stepping aside from his prior roles,\u201d\u00a0the company said.<\/p>\n
\u201cI am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,\u201d Rawlinson said in a statement.\u00a0<\/p>\n
Rawlinson\u2019s departure is unexpected. As one of the company\u2019s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker.<\/p>\n
Lucid\u2019s board has initiated a search to identify\u00a0a new CEO, the company said.<\/p>\n
The CEO change and production target were announced in conjunction with the automaker\u2019s fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.<\/p>\n
Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.<\/p>\n
During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.<\/p>\n
The production target for 2025 announced Tuesday is compared with\u00a0production\u00a0of 9,029 vehicles and deliveries of 10,241 reported for 2024.<\/p>\n
Shares of Lucid were about 10% higher during afterhours trading Tuesday.<\/p>\n
As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.<\/p>\n<\/p>\n
Electric vehicle maker\u00a0Lucid Group\u00a0on Tuesday said CEO Peter Rawlinson is stepping down as the company expects to more than double vehicle production this year to 20,000 units. Lucid said Marc Winterhoff, currently the company\u2019s chief operating officer, will step in as interim CEO. Rawlinson will serve as a \u201cstrategic technical advisor to the chairman of […]<\/p>\n","protected":false},"author":0,"featured_media":15440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=15439"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/15440"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=15439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=15439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=15439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}