Lucid Motors is undergoing a significant leadership change as Peter Rawlinson steps down from his roles as CEO and CTO, marking the first change in these positions in nearly six years. Rawlinson, who joined the company in 2013 when it was known as Atieva, will transition to a strategic technical advisor role, supporting Turqi Alnowaiser, the chairman of the board. The company has appointed Marc Winterhoff as the interim CEO.
The leadership transition comes at a pivotal time for Lucid Motors, which has been navigating financial challenges despite notable advancements. Under Rawlinson's leadership, Lucid launched its Gravity SUV late last year. Nonetheless, the company's flagship vehicle, the Air sedan, has struggled to meet sales targets. Despite delivering 10,241 electric vehicles in 2024, up from 6,001 in 2023, Lucid Motors still reported a loss of $2.7 billion last year.
Lucid Motors has received substantial financial backing from Saudi Arabia, which has been instrumental in keeping the company afloat. However, Rawlinson cautioned against viewing this support as endless.
"dangerous" to behave like the Kingdom was a source of "bottomless wealth."
The company's financial woes are underscored by its reported loss of $2.8 billion in 2023. Despite these challenges, Lucid finished the year with $1.6 billion in cash and equivalents. Revenue from EV sales increased to $808 million in 2024 from $595 million in 2023.
Rawlinson's departure coincides with the successful launch of the Lucid Gravity SUV, a milestone he cited as a suitable endpoint for his tenure.
"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."
Before his tenure at Lucid Motors, Rawlinson made significant contributions to Tesla as the chief engineer of the Model S sedan. At Lucid, he primarily focused on developing battery packs and other EV powertrain components.
Looking ahead, Marc Winterhoff will take over as interim CEO during this transitional phase. The company remains optimistic about its growth prospects and financial recovery despite past losses.
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