Lucid Motors is going through a major leadership change as CEO Peter Rawlinson steps down following another tough financial year. The electric vehicle (EV) company reported a massive $3.1 billion loss in 2024, raising concerns about its future in an increasingly competitive market.
Rawlinson, who has been with Lucid for more than a decade and was instrumental in developing its high-end electric sedans, will remain with the company as a strategic technical advisor. In his place, Chief Operating Officer Marc Winterhoff will serve as interim CEO while the company searches for a permanent leader.
Lucid’s Financial Struggles: Growth vs. Losses
Despite the billion-dollar loss, Lucid saw some positive movement. The company’s revenue grew 36% in 2024, reaching $807 million. This was mainly driven by increased production and sales of the Lucid Air sedan, the company’s luxury electric vehicle.
However, the financial losses are a sign that Lucid is still struggling to scale its business. The company produced 9,029 vehicles in 2024, which, while an improvement from previous years, still fell short of expectations. In response, Lucid is aiming to double its production in 2025, setting a goal of around 20,000 vehicles. A big part of this push will come from its new luxury SUV, the Gravity, which is set to launch later this year with a starting price of $94,900.
How the Market Reacted
The announcement of Rawlinson’s resignation caused Lucid’s stock to jump 10%, a sign that investors may see new leadership as a step in the right direction. However, the stock is still trading well below its all-time high from 2021, when Lucid was being hailed as a serious rival to Tesla.
Lucid’s future remains uncertain as the company faces multiple challenges, including shifting federal EV incentives, potential new tariffs, and aggressive competition from both established automakers and newer EV startups. While Lucid is known for its cutting-edge technology and premium vehicle design, it will need a solid strategy to cut losses and increase production if it wants to stay in the game.
As Rawlinson steps away from the CEO role, all eyes are on what’s next for Lucid—and whether it can prove that it belongs among the top players in the EV market.