Lucid Group, an electric vehicle maker, saw its stock down more than 10% on Wednesday after Bank of America downgraded the company’s stock and CEO Peter Rawlinson abruptly left his position. Interim CEO Marc Winterhoff aims to build upon Lucid’s success while navigating uncertainty among Wall Street analysts.
Rawlinson’s departure has raised concerns about product development, consumer demand, and additional funding opportunities for Lucid. However, Winterhoff is focused on executing the company’s vision, which includes more than doubling vehicle production this year, narrowing losses, and increasing customer awareness and technology offerings.
Lucid remains far from profitable but has been improving its gross losses by scaling up production and making products more efficient. The company expects a significant improvement in gross margin and plans to ramp up production of its second product, the Gravity SUV. Winterhoff also emphasized the importance of marketing and advertising to increase customer awareness.
The Lucid Air has faced criticism for its lack of advanced driver-assistant systems, but the company is working on releasing a new hands-free driving system later this year. Lucid’s battery technologies are among the most efficient in the US, making up for the lack of driver-assistant features.
With a new CEO at the helm, Lucid is navigating uncertainty but remains committed to its growth strategy. The company will continue to focus on operational topics and invest in marketing to drive customer awareness.
Source: https://www.cnbc.com/2025/02/26/lucid-priorities-ev-ceo-departure.html