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Lucid (LCID) CEO Peter Rawlinson is passing the baton just as the EV maker enters a critical growth phase. After over a decade at the helm, Rawlinson said it’s the right time to step aside. Following the sudden announcement, Lucid’s stock fell over 12% on Wednesday. Despite this, Lucid expects 2025 will still be one of its biggest so far.
Rawlinson will become a strategic technical advisor to the chairman of the board with Marc Winteroff, Lucid’s chief operating officer, serving as 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, who led the company for the past 12 years, said in a statement on Tuesday.
The sudden departure comes after Lucid began delivering its first electric SUV, the Gravity, in December. With the Gravity successfully launched, Rawlinson said it’s “finally the right time for me to step aside.”
Is it the right time? Lucid is entering an inflection point as it ramps up Gravity output this year. Like other EV startups including Rivian (RIVN), and really any car maker right now, Lucid is aggressively cutting costs to boost profits.
Lucid still has big plans for 2025. The company expects to produce 20,000 vehicles this year, more than double the roughly 9,000 it built in 2024.
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Accelerating growth in 2025
Although no delivery or sales guidance was offered, the company said it will “continue to prudently manage and adjust production to meet sales and delivery needs” in 2025.
After four consecutive record quarters, Lucid delivered 10,241 vehicles last year, up 70% (6,001) from the year prior. In the final three months of 2024, Lucid delivered nearly 3,100 alone.
Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Full-year 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full-year 2024 | |
Lucid EV deliveries by quarter | 1,932 | 1,406 | 1,404 | 1,457 | 6,001 | 1,734 | 1,967 | 2,394 | 2,781 | 3,099 | 10,241 |
With its electric SUV hitting the market, Lucid has high hopes for 2025. In the coming weeks, Winterhoff explained on the company’s earnings call that Lucid expects “virtually all of our studios to have showroom and test drive” Gravity models.
After opening in November, orders for the Gravity Grand Touring in November have “exceeded expectations.” Although no specific numbers were mentioned, Winteroff said Gravity orders “are exceeding the Air Grand Touring by far” in the US. The electric SUV is now available in Canada and Saudi Arabia.
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According to Lucid, 75% of Gravity orders are new to the brand. And this is with “very limited marketing” which Lucid will ramp up throughout the year.
Although others, like Ford, cancelled plans for a three-row electric SUV, Lucid believes its technology gives it an advantage.
Winteroff explained on the call that “others are moving away from larger 3-row SUVs because it’s challenging to create an SUV with lots of space without sacrificing range or having a large battery pack,” making it less profitable and, therefore, less attractive to build.
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Lucid stock slips following CEO departure, Q4 earnings
Lucid reported Q4 revenue of $234.5 million, up 50% from the year prior. The company also narrowed operating losses to $732.95 million despite the higher output in the quarter.
The company ended 2024 with around $6.13 billion in liquidity, which Lucid said is enough to fund it through the second half of 2026, when it plans to launch its first midsize EV.
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Lucid confirmed plans to launch three midsize vehicles, with the first set to start production in late 2026. Rawlinson said earlier this month that when the midsize EVs arrive, it will be “finally when we compete directly with Tesla.”
The company confirmed it has signed off on the advanced engineering phase of two of the midsize models, which are expected to be a Tesla-rivalling electric sedan and SUV.
Last year, Rawlinson boasted that the new midsize models are aimed “right in the heart of Tesla Model 3, Model Y territory” with starting prices around $50,000.
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With some of the most advanced EV powertrain tech, Lucid has another significant opportunity over the next few years.
Lucid is expanding its tech license business. After securing a tech partnership with Aston Martin in 2023 to supply its proprietary “Wunderbox” powertrain tech, Rawlinson recently hinted the company was in talks with several automakers over similar deals.
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Winterhoff confirmed on the call that Lucid is “expecting deals to close soon,” but didn’t offer any additional details.
The 2025 Lucid Air is already considered the “world’s most efficient car” with a record 5 miles/kWh. However, the new midsize models will be powered by Lucid’s Atlas powertrain, which Rawlinson claimed is “an absolute breakthrough” in terms of efficiency and cost reduction.
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Despite the upbeat outlook, Lucid’s stock fell over 12% on Wednesday following the CEO transition. Lucid shares are down 25% over the past year and around 65% since 2023.
Even with the CEO transition, Lucid has big ambitions over the next few years. What are your thoughts on the shakeup? Let us know in the comments.
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