Lucid Group announced that CEO Peter Rawlinson is stepping down as the company aims to double vehicle production to 20,000 units this year. Marc Winterhoff will serve as interim CEO while Rawlinson will become a strategic technical advisor to the board chairman. The unexpected departure comes as a surprise, as Rawlinson has been a prominent figure at the company and a major shareholder.
The company reported a net loss of $636.9 million in the fourth quarter of 2021, with revenue reaching $234.5 million, surpassing analyst expectations. Despite this, shares of Lucid have been down by 13% this year amidst slower-than-expected adoption of electric vehicles and uncertainty regarding federal support for EVs.
Lucid’s production target for 2025 is set at 20,000 vehicles, a significant increase from the 9,029 produced in 2024. The company’s stock rose by 10% in afterhours trading following the announcement of the CEO change and production targets. Lucid has initiated a search for a new CEO to lead the company in its efforts to expand its electric vehicle production.
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