Lucid Group, a leading electric vehicle (EV) manufacturer, has recently announced a change in its leadership team. Peter Rawlinson, the CEO of Lucid, has decided to step down from his role and transition to the position of ‘strategic technical advisor’ to the chairman of the board. In his place, Marc Winterhoff, who previously served as the company’s Chief Operating Officer (COO), has been appointed as the interim CEO.
The decision to make this leadership change was made by the company’s Board of Directors, who have initiated a formal search for a permanent CEO with the assistance of an executive search firm. Rawlinson played a significant role in the company’s launch of the Air models and its successful transition to a publicly-traded entity.
Amidst the changing landscape of EV demand in the US, Lucid is gearing up to expand its product lineup with the introduction of the Gravity SUV, which will compete with Tesla’s Model X and Rivian’s R1S. Winterhoff expressed the company’s continued focus on ramping up production of the Lucid Gravity, preparing for the launch of three midsize platform vehicles, and advancing the development of the low-cost Atlas drive unit while also working to reduce costs.
In the fourth quarter of 2024, Lucid produced 3,386 vehicles and delivered 3,099, meeting its production guidance for the year. Overall, the company produced 9,029 vehicles and delivered 10,241 in 2024. Looking ahead, Lucid has set a production target of around 20,000 vehicles for 2025, with plans to adjust production levels based on sales and delivery demands.
Financially, Lucid reported a fourth-quarter revenue of $234.5 million, reflecting an increase from the same period the previous year. The company’s annual revenue for 2024 reached $807.8 million, showing growth compared to the previous year. Lucid concluded the fourth quarter of 2024 with a total liquidity of approximately $6.13 billion.
As Lucid continues to make strides in the EV market, the company remains committed to innovation, sustainability, and meeting the evolving needs of consumers. The leadership transition and strategic initiatives in place position Lucid for continued success in the competitive electric vehicle industry.
