Electric car maker Lucid Group said Tuesday that Chief Executive Officer Peter Rawlinson has resigned as the company expects to more than double vehicle production to 20,000 this year.

Lucid said Chief Operating Officer Marc Winterhoff has taken over as interim CEO. The company said Rawlinson will serve as “strategic technical advisor to the chairman of the board and will no longer serve in his previous position.”

Winterhoff told CNBC on Tuesday that Rawlinson made the decision to resign on Friday, but he declined to provide further details.

Winterhoff, who joined Lucid from Roland Berger in December 2023, said: “After 12 years of day-to-day work and day-to-day activities, Peter has brought the company to where it is today, and now it is time to exit and hand over the baton.”

Rawlinson said in a statement on LinkedIn on Tuesday that he decided the time was “finally right” to step down after the “successful” launch of the company’s second product, a three-row SUV called Gravity. He did not elaborate further on the decision in the lengthy post.

Rawlinson’s departure was unexpected. As one of the company’s largest shareholders, Rawlinson also served as chief technology officer and had often touted his passion for and stake in the automaker. In July 2021, he took Lucid public through a reverse merger with a special purpose acquisition company (SPAC).

“My mission and dedication are unwavering. Other than when needed for tax purposes, I have not sold a single share,” Rawlinson said during the company’s third-quarter conference call in November. “As a result, I am committed to continuing to work tirelessly day and night to drive long-term shareholder value.”

Lucid said its board of directors has begun a search for a new CEO.

The announcement of the CEO change and production targets came alongside the automaker’s fourth-quarter financial results. For the year ended Dec. 31, the company reported a net loss attributable to common shareholders of $636.9 million, or 22 cents per share, on revenue of $234.5 million.

Analysts polled by the London Stock Exchange expected a loss of 25 cents per share on revenue of $214 million.

A year earlier, Lucid reported a net loss attributable to common shareholders of $653.8 million, or 29 cents per share, on revenue of $157.2 million.

The 2025 production target announced Tuesday is a decline from 9,029 vehicles produced and 10,241 delivered in 2024.

Winterhoff said production of the Gravity SUV would gradually increase this year. He declined to speculate on what percentage of the 20,000 production target the vehicle would account for.

Lucid shares rose about 8% during after-hours trading on Tuesday.

As of the close, the company’s shares have fallen about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty over federal support for electric vehicles under the Trump administration. Last year, the company’s shares fell about 28%.

Lucid’s main backer is Saudi Arabia’s Public Investment Fund. Its first product is the Air sedan, which will begin deliveries in late 2021.
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