Lucid Motors has changed its CEO for the first time in almost six years. The company announced Tuesday that Peter Laurinson has resigned from the role of CEO and has resigned from the CTO role. According to regulatory filings, Rawlinson also left Lucid’s board of directors.
Lucid has appointed Chief Operating Officer Marc Winterhoff as interim CEO. Rawlinson is the chairman of the board and serves as “strategic technical advisor” to Truchiar Noweiser, the top executive of Saudi Arabia’s sovereign wealth funds.
The leadership change is at a critical time for Lucid Motors, who just launched its gravity SUV late last year. Lucid Motors has great hopes for electric SUVs. The company’s first vehicle – the Air Sedan – is struggling to come near the sales targets it was projected when it was unveiled in 2021. To the company.
“Now that we have successfully launched the Bright Gravity, I have finally decided it’s the right time to leave my role in Lucid,” Rawlinson said in a statement. “I am extremely proud of the achievements that the Miid team has achieved together throughout my tenure over the past 12 years. We are from a small company with great ambitions to sustainable mobility. He has grown into a widely recognized world leader in the technology world.”
Rawlinson could occupy the role of advisor until February 2027, and, according to regulatory filings, “for rendered services, including free id eVs, health insurance and $2 million equity grants.” You will receive a monthly payment of $120,000.
Rawlinson came to Lucid Motors in 2013, when still known as Atieva, focusing primarily on developing battery packs and other EV powertrain components. He was previously employed at Tesla as the chief engineer for the Model S sedan. This is the fact that Tesla CEO Elon Musk has repeatedly tried to obscure it.
Lucid announced the Rawlinson transition along with its fourth quarter and full year financial results for 2024.
The company ultimately offered 10,241 EVs in 2024, starting from just 6,001 in 2024. This generated revenue of $888 million from $595 million in 2023. In 2023, we lost $2.8 billion. Lucid said Tuesday it plans to double its production to approximately 20,000 EVs in 2025.
Lucid finished the year with $1.6 billion in cash equivalents. Laurinson repeatedly raised Saudi Arabia throughout 2024, despite the fact that the Kingdom felt it was “dangerous” for them to act like “bottomless wealth” last March. I raised funds. . ”
Winterhoff said in a conference call Tuesday that Rawlinson is “not part of the daily business,” and that the former CEO will only be involved if Lucid Chairman asks.
“If there is a question that arises and the Chairman thinks it’s worth involving Peter, he will do so, but it is up to the chairman’s discretion to have that interaction,” Winterhoff said. .
Rawlinson was not part of this call. Bank of America analyst John Murphy was called Odd.
“I’m just curious, you know, why is there no Peter and why would you make such an announcement without a successor?” he asked. “I know it’s a tough question, but that’s something everyone thinks.”
“I think we’ve made it clear that Peter has made the decision 12 years from now that it’s a good time to pass on the baton,” Winterhoff said.
This story was updated with details of Lucid Motors’ SEC filing and its quarterly investor conference calls.
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