Lucid Motors has been changing the CEOs for the first time in almost six years. The company announced On Tuesday that Peter Rawlinson resigns from the CEO and the roles of the CTO he was holding from the company before the company was published. Rawlinson has also left the Lucid board, according to a regulatory deposit.
Lucid has appointed Marc Winterhoff chief officer as a temporary chief executive. Rawlinson will serve as a “strategic technical adviser” to Turqi AlNowaiser, who is chairman of the Board of Directors and a senior official at the Saudi Arabia’s sovereign fund – a majority owner of Lucid.
The leadership change is at a critical time for the Lucid Motors, who just started the SUV of gravity at the end of last year. Lucid Motors has great hopes for the electric SUV. The company’s first vehicle – Air Sedan – has struggled to come anywhere close to the sales goals that is shown when it is displayed when it was released in 2021. to the company.
“Now that we have successfully started the clarity of gravity, I have decided that it is finally the right time for me to go beyond my roles in Lucid,” Rawlinson said in a statement. “I am incredibly proud of the achievements that the Lucid team has achieved together through my term of office for these last twelve years. We have developed from a tiny company with a great ambition, in a widely recognized technological world leader in sustainable mobility.”
Rawlinson can understand the role of consultant by February 2027 and will receive “a monthly payment of $ 120,000 for services provided”, along with a free Lucid EV, health insurance, $ 2 million shares and much more, according to a regulatory deposit.
Rawlinson came to Lucid Motors in 2013, when he was still known as Atieva and mainly focused on developing battery packages and other EV Powertrain components. He had previously been employed in Tesla as a lead engineer of the model – which is Tesla Elon Musk’s CEO attempted repeatedly to kill.
Lucid announced the transition of Rawlinson alongside its financial results for the fourth quarter of 2024, as well as for the whole year.
The company finally gave 10,241 EVs throughout 2024, from just 6,001 in 2023, which generated revenue of $ 808 million, from $ 595 million in 2023, but Lucid lost another delicious $ 2.7 billion. Lost $ 2.8 billion in 2023. Lucid said on Tuesday that it plans to double production in about 20,000 EVs in 2025.
Lucid ended the year with $ 1.6 billion in cash and equivalents. Repeatedly returned Saudi Arabia for billions in funding through Financial times Last March he thought it was “dangerous” to behave like the kingdom was a source of “wealth of wealth”.
Winterhoff told a teleconference on Tuesday that Rawlinson “will not be part of the daily business”, and said the former CEO would only participate if the Lucid president requests.
“If there are questions that arise and the president believes that it is worthwhile for Peter to get involved, then he will do so, but it depends on the president’s discretion to have this interaction,” Winterhoff said.
Rawlinson was not part of the call – something that John Murphy from Bank of America called as weird.
“I’m just curious, do you know, why Peter is not present and why would you make such an announcement without a successor?” he asked. “I know it’s a difficult question, but I mean. It’s what everyone thinks.”
“I think we have clearly announced that Peter made the decision that after 12 years, it is now a good time to spend the baton,” Winterhoff said.
This story has been informed by details of Lucid Motors’ SEC deposits and the quarterly teleconference of investors.
