Lucid Motors, an electric vehicle manufacturer, has announced significant changes to its leadership team for the first time in nearly six years. CEO Peter Rawlinson is stepping down from his positions as CEO and CTO, effective immediately. He will take on a new role as “strategic technical advisor” to Chairman Turqi Alnowaiser.
The leadership change comes at a critical time for Lucid Motors, which recently launched its Gravity SUV. Despite struggling with sales targets since its public debut in 2021, the company is optimistic about its electric SUV’s potential. The Gravity is still being rolled out to select customers and employees.
Rawlinson expressed his pride in the accomplishments of the Lucid team during his 12-year tenure. He credited the company’s growth from a small startup to a “widerly recognized technological world leader” in sustainable mobility. Rawlinson can continue to serve as an advisor until February 2027, while also receiving a significant compensation package.
Lucid Motors’ financial results for the fourth quarter of 2024 and full year revealed mixed numbers: 10,241 EVs sold, generating $808 million in revenue, up from 6,001 EVs and $595 million in 2023. However, the company still reported a substantial loss of $2.7 billion last year.
The leadership change is seen as a response to increasing pressure on Lucid Motors, including its reliance on Saudi Arabia’s sovereign wealth fund for funding. The company plans to double production to around 20,000 EVs in 2025.
Interim CEO Marc Winterhoff stated that Rawlinson will not be involved in the day-to-day business but may be consulted if needed by the chairman. Analysts have questioned the timing of the leadership change and the absence of a clear successor during the conference call.
Source: https://techcrunch.com/2025/02/25/lucid-motors-ceo-peter-rawlinson-steps-down