Lucid Motors is undergoing a major leadership change for the first time in nearly six years. The company announced that CEO and CTO Peter Rawlinson is stepping down from his roles, marking a significant transition for the electric vehicle manufacturer. Rawlinson has also left Lucid’s board, as disclosed in a regulatory filing.
Leadership Transition at Lucid Motors
Lucid has appointed its Chief Operating Officer, Marc Winterhoff, as interim CEO. Meanwhile, Rawlinson will continue to serve as a strategic technical advisor to Turqi Alnowaiser, the chairman of the board and a key executive at Saudi Arabia’s sovereign wealth fund—Lucid’s majority owner.
The leadership shift comes at a pivotal time for Lucid Motors. The company recently launched its highly anticipated Gravity SUV, a model that it hopes will boost its struggling sales. While Lucid’s first vehicle, the Air sedan, has not met its projected sales targets, the company remains optimistic about the Gravity’s market potential.
Rawlinson’s Legacy and Future Role
Rawlinson, who joined Lucid in 2013 when it was still known as Atieva, played a crucial role in its evolution from a startup focused on EV powertrains to a leading name in luxury electric mobility. Prior to Lucid, he was the chief engineer behind Tesla’s Model S—an association Tesla CEO Elon Musk has downplayed over the years.
Reflecting on his tenure, Rawlinson stated: “Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside. I am incredibly proud of the accomplishments the Lucid team has achieved together over the past twelve years.”
According to regulatory filings, Rawlinson’s advisory role will extend until February 2027. He will receive a monthly payment of $120,000, a complimentary Lucid EV, health insurance, a $2 million stock grant, and other benefits.
Lucid’s Financial Performance and Future Goals
Lucid announced Rawlinson’s departure alongside its fourth-quarter 2024 financial results. The company delivered 10,241 EVs in 2024, a significant increase from 6,001 in 2023. This generated $808 million in revenue, up from $595 million the previous year. However, the company still reported a $2.7 billion loss in 2024, only slightly better than its $2.8 billion loss in 2023.
Looking ahead, Lucid plans to double production to around 20,000 EVs in 2025. The company continues to rely on Saudi funding to support operations, despite Rawlinson’s previous concerns about overdependence on the Kingdom’s financial backing.
The Road Ahead for Lucid Motors
During a conference call, Winterhoff emphasized that Rawlinson will not be involved in day-to-day operations. “If there are questions arising and the chairman thinks it is worthwhile to involve Peter, then he will, but it’s up to the discretion of the chairman,” he explained.
Rawlinson’s absence from the call raised eyebrows among analysts, with Bank of America’s John Murphy questioning the timing and execution of the leadership change.
As Lucid navigates this transition, all eyes will be on how the company executes its ambitious production plans and whether the Gravity SUV can propel it to long-term success.
