Peter Rawlinson, CEO of Lucid Motors, has announced his decision to step down after more than 12 years at the helm of the company, at a critical time for the electric vehicle manufacturer.
Its departure, confirmed on Tuesday, comes just after the launch of its first electric SUV, the Gravity, which is set to begin deliveries in December and is expected to be crucial for the company’s growth.
Marc Winteroff, current Chief Operating Officer of Lucid, will take over as interim CEO while Rawlinson will become strategic technical advisor to the chairman of the board.
A 25% drop in a year is bad news for Lucid
Despite the unexpected resignation, Lucid maintains optimistic expectations for 2025, projecting the production of 20,000 vehicles, more than double the 9,000 produced in 2024.
In the fourth quarter of 2024, Lucid reported revenues of $234.5 million, a 50% increase compared to the previous year, although the company continues to face operating losses amounting to $732.95 million. Most of the Gravity orders come from new customers, suggesting good market acceptance despite a limited initial marketing campaign.
Lucid also plans to launch three mid-size electric vehicles, with production of the first scheduled for late 2026, aiming to compete directly with Tesla.
The company has been successful in establishing strategic partnerships, including a recent one with Aston Martin for the supply of propulsion technology.
However, despite these promises and a strong growth potential, the immediate market reaction was negative, with Lucid’s shares falling more than 12% after the announcement of the leadership change, accumulating a decrease of 25% in the last year.
The Gravity model, along with future product lines, is expected to help reverse this negative trend in the company’s stock.