Lucid Motors CEO steps down as company eyes aggressive growth in 2025

Electric vehicle maker Lucid Motors is undergoing a major leadership transition as it prepares for a significant production ramp-up in 2025. CEO Peter Rawlinson has stepped down after 12 years at the helm, with Chief Operating Officer Marc Winterhoff stepping in as interim CEO. The change in leadership comes as Lucid aims to more than double its vehicle production this year, targeting 20,000 units.

Rawlinson’s departure was described as his personal decision, citing the completion of key milestones, including the successful launch of the company’s second product, the Gravity SUV. While stepping down from his CEO and CTO roles, he will remain a strategic technical advisor to the chairman of the board for up to two years, earning $120,000 per month along with a Lucid vehicle and other benefits.

Interim CEO Winterhoff, who joined Lucid in late 2023 from consulting firm Roland Berger, emphasized that the leadership change will not disrupt the company’s momentum. Lucid’s board has initiated a search for a permanent CEO as it pushes forward with its ambitious expansion.

Lucid’s aggressive production target of 20,000 vehicles for 2025 marks a major jump from the 9,029 units produced in 2024. The increase will be driven by the gradual ramp-up of the Gravity SUV alongside its flagship Air sedan. However, Winterhoff declined to specify what portion of the production target will be attributed to the new SUV.

Despite the leadership shift, Lucid’s latest earnings report shows a mixed financial picture. For Q4 2024, the company reported a net loss of $636.9 million, or 22 cents per share, on revenue of $234.5 million. While this loss was slightly lower than the previous year’s $653.8 million deficit, it still underscores the financial challenges facing the EV maker as it scales production.

Lucid’s stock saw an 8% increase in after-hours trading following the announcement of Rawlinson’s departure and the company’s production goals. However, the stock has struggled overall, down 13% year-to-date amid broader concerns over EV adoption and uncertainties surrounding federal support for electric vehicles under the Trump administration.

The EV market has faced headwinds due to slower-than-expected adoption rates and macroeconomic pressures. Despite these challenges, Lucid continues to receive strong backing from Saudi Arabia’s Public Investment Fund, which remains a key financial supporter.

As Lucid embarks on its next chapter, its ability to meet production goals and achieve financial stability will be closely watched. The transition in leadership marks the end of an era for the company, but it also signals a push toward operational efficiency and market expansion.

With the Gravity SUV set to play a pivotal role in Lucid’s strategy, the coming year will be a critical test of whether the company can sustain its momentum in an increasingly competitive EV market.