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Lucid Motors is changing chief executive officer for the first clock time in nearly six years . The companyannouncedTuesday that Peter Rawlinson is stepping down from the CEO and CTO roles that he ’s held since before the society went public . Rawlinson has also leave Lucid ’s display board , according to a regulative filing .
Lucid appointed its primary operating officer Marc Winterhoff as its interim CEO . Rawlinson will do as “ strategic technical consultant ” to Turqi Alnowaiser , who is chairman of the board and a top executive at Saudi Arabia ’s sovereign wealthiness fund — Lucid ’s majority owner .
The leadership change comes at a critical clip for Lucid Motors , which just launch its Gravity SUV of late last year . Lucid Motors has high hopes for the galvanic SUV . The ship’s company ’s first vehicle — the Air sedan — has shinny to comeanywhere near the sales targetsit once stick out when it went public in 2021 . The Gravity is still in the cognitive operation of being tardily rolled out to other customers , employees , and other masses cheeseparing to the caller .
“ Now that we have successfully launched the Lucid Gravity , I have decided it is in conclusion the right clip for me to step aside from my roles at Lucid , ” Rawlinson said in a statement . “ I am fabulously proud of the accomplishments the Lucid team have achieved together through my tenure of these retiring twelve years . We develop from a bantam company with a bad ambition , to a wide recognized technological world leader in sustainable mobility . ”
Rawlinson can interest the adviser role until February 2027 , and will receive a “ monthly requital of $ 120,000 for table service render , ” along with a complimentary Lucid EV , wellness insurance , a $ 2 million blood line Ulysses S. Grant , and more , agree toa regulatory filing .
Rawlinson occur to Lucid Motors in 2013 back when it was still known as Atieva , and was principally focused on developing battery packs and other EV powertrain components . He had previously been utilize at Tesla as the chief applied scientist of the Model S sedan — a fact that Tesla CEO Elon Musk hasrepeatedly tried to obscure .
Lucid announced Rawlinson ’s modulation alongside its financial results for the 4th quarter of 2024 , as well as for the full year .
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The troupe at last delivered 10,241 EVs across 2024 , up from just 6,001 in 2023 . That generated $ 808 million in revenue , up from $ 595 million in 2023 . But Lucid still lost a whopping $ 2.7 billion last class . It lose $ 2.8 billion in 2023 . Lucid tell Tuesday that it plans to repeat production to around 20,000 electron volt in 2025 .
Lucid finish the class with $ 1.6 billion in John Cash and combining weight . Itrepeatedly tappedSaudi Arabia for billions in funding throughout 2024 to avail stay afloat until the launch of the Gravity — despite Rawlinson narrate theFinancial Timeslast March that he feel it was “ dangerous ” to carry like the Kingdom was a source of “ bottomless wealth . ”
Winterhoff said on a conference call Tuesday that Rawlinson “ will not be part of the Clarence Shepard Day Jr. - to - day business , ” and enounce the former chief executive officer will only be involved if Lucid ’s chairwoman asks .
“ If there are questions arising and the chairperson thinks it is worthwhile to involve Peter , then he will , but it ’s up to the circumspection of the chairperson to have that fundamental interaction , ” Winterhoff said .
Rawlinson was not part of the call — something that analyst John Murphy from Bank of America called out as odd .
“ I ’m just curious , you know , why Peter is n’t present , and why you would make an announcement like this without a replacement ? ” he asked . “ I have intercourse it ’s a tough question , but I mean , it ’s the one that everybody ’s thought . ”
“ I cogitate we clearly announce that Peter made the decision that after 12 years , it ’s now a good clock time to extend the baton , ” Winterhoff said .
This story has been update with detail from Lucid Motors ’ SEC filings and its quarterly investor conference call .
