Lucid Motors’ stock rose 9% in pre-market trading on Wednesday after the company reported better-than-expected results for its fourth quarter. The change at the top of management, with CEO Peter Rawlinson stepping down, is also contributing to the surge.
Rawlinson has been with Lucid for over a decade and will become strategic adviser to the chairman. Marc Winterhoff, current COO, will assume interim CEO duties while the company searches for its next leader. The announcement comes after Lucid successfully launched its Gravity electric vehicle.
In its Q4 report, Lucid reported $234.5 million in revenue, exceeding consensus estimates of $212.4 million. The company also reported a smaller loss than expected, with an adjusted EBITDA loss of $577.3 million.
Production numbers showed significant growth, with 20,000 vehicles planned for 2025, more than double the total in 2024. Lucid delivered 10,241 units last year, up from 6,001 a year ago.
“We saw significant momentum in 2024,” said Gagan Dhingra, interim CFO. “We made progress in improving gross margins and managing expenses while investing in growth.”
The company’s chairman, Turqi Alnowaiser, praised Rawlinson’s role at Lucid, saying he was instrumental in the company’s transition from concept to reality.
Source: https://finance.yahoo.com/news/lucid-sees-stock-pop-on-q4-results-announces-ceo-peter-rawlinson-will-step-down-224630555.html