Lucid Group’s CEO Peter Rawlinson has unexpectedly resigned after leading the electric vehicle manufacturer for 12 years. Despite this, the company’s financial results exceeded expectations and predicted production growth in 2025.
Rawlinson will remain as a consultant under a two-year deal worth $120,000 per month. Current COO Marc Winterhoff has taken over as interim CEO. The news led to an 11% decline in Lucid Group shares on Wednesday, despite the company’s strong Q4 results and forecast for doubling production by 2025.
In his statement, Rawlinson cited the successful launch of the Lucid Gravity as a reason for his decision. The company reported a fourth-quarter loss of $0.22 but saw revenue increase nearly 50% year-over-year to $234.5 million. This beat Visible Alpha consensus estimates.
Lucid Group produced 3,386 EVs in Q4 and 9,029 in 2024, with the company predicting about 20,000 vehicles for 2025. The shares of Lucid Group have lost over a quarter of their value since last year’s results.
Source: https://www.investopedia.com/lucid-stock-sinks-as-ev-maker-ceo-resigns-offsetting-solid-results-outlook-11686705