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…<\/p>\n","protected":false},"author":0,"featured_media":6856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/6855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/comments?post=6855"}],"version-history":[{"count":0,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/6855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media\/6856"}],"wp:attachment":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media?parent=6855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/categories?post=6855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/tags?post=6855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}