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Lucid says CEO to step down, vehicle production to more than double this year
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Lucid says CEO to step down, vehicle production to more than double this year
Feb 25, 2025 1:37 PM

(Reuters) -Electric-vehicle maker Lucid Group ( LCID ) said on Tuesday its Chief Executive Officer Peter Rawlinson will step down from the role, sending the company's shares up 6% in extended trading.

The company's operating chief, Marc Winterhoff, will take the position of interim CEO.

"Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid," Rawlinson said.

The firm also forecast vehicle production this year to be around 20,000 as it ramps up production of its Gravity SUV, more than double what it made last year.

As the EV demand in the United States remains uncertain, Lucid has been trying to diversify its product lineup and step into the SUV market with the Gravity model, going toe-to-toe with Tesla's model X and Rivian's R1S vehicles. 

The company continues to lose tens of thousands of dollars per vehicle, while rivals such as Rivian move aggressively to cut costs in a bid to make profits. 

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