Lucid Motors CEO Transition Amid Financial Gains
Lucid Motors CEO Transition Amid Financial Gains

Lucid Motors CEO Transition Amid Financial Gains

News summary

Lucid Group has announced that CEO Peter Rawlinson will step down, transitioning to a role as Strategic Technical Advisor to the Chairman, with COO Marc Winterhoff appointed as interim CEO. This leadership change comes as Lucid reports better-than-expected earnings, with a Q4 revenue of $234.5 million and a reduced loss per share of $0.22. The company plans to more than double its vehicle production in 2025 to 20,000 units, driven by the successful launch of its Gravity SUV. Despite these positive developments, Lucid continues to face financial challenges, including significant per-vehicle losses. The Saudi Arabian Public Investment Fund, which owns over 60% of Lucid, provides critical financial backing. Lucid's stock rose by 10% following these announcements, reflecting investor optimism about future growth prospects.

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