Since 2013, Lucid Motors’ (LCID) Chief Executive Peter Rawlinson has become a vocal advocate for the brand, praising his and his engineers’ work to advance and leave its mark on the EV space.
Currently, the Newark, California-based EV manufacturer makes two vehicles: the award-winning Air sedan and the bigger Gravity SUV.
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In a past interview, the former Tesla engineer revealed that he wanted the company to be like Intel, evolving solely from an automaker that makes EVs to one that also licenses its EV software and hardware for other vehicles.
“[…] the vision I have for Lucid is just as there’s an Intel inside your laptop, there’s a Lucid inside a Honda or a Toyota,” he said.
Peter Rawlinson speaks next to the company’s Air alpha prototype vehicle during the 2017 New York International Auto Show. Rawlinson stepped down as CEO on Feburary 25.
Rawlinson steps down as Lucid CEO
On February 25, Lucid Motors announced that its CEO, Peter Rawlinson, had stepped down from his leadership role and would transition to a lesser advisory role within the company.
Before joining the company in 2013, Rawlinson was the chief engineer behind Tesla’s second car, the Model S sedan. When he joined, the company was called Atieva and exclusively made EV batteries, only to rename it Lucid and help turn it into a luxury EV brand known for long-range, high-performance vehicles.
In a statement posted on his LinkedIn page, Rawlinson did not give any reason as to why he left, simply stating that it felt like “the right time” following the launch of Lucid’s second model, the Gravity. Additionally, he reflected on his time at the company and gave his flowers to the people he worked with along the way.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past 12 years,” Rawlinson said. “We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility.”
According to Rawlinson and Lucid, the 67-year-old former CEO will still be at the company, albeit in a reduced capacity, officially as “Strategic Technical Advisor to the Chairman of the Board,” which will allow him to support Lucid’s “continued success and growth.”
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Rawlinson’s spot at the helm has been filled by an interim CEO, Lucid’s COO Marc Winterhoff, who will lead as the company initiates a formal CEO search. As per Lucid, someone will “help Lucid execute its strategy and prepare for the next chapter.”
“Lucid’s technology leadership is now well-established and our roadmap well-defined,” said interim CEO Marc Winterhoff. “I am honored to step into this role as we enter the next stage in our transformational journey, and I look forward to capitalizing on the tremendous opportunity this presents.”
The next chapter of Lucid’s storybook comes an uncertain time for EVs, as political undertones and waning demand create an industry-threatening monster scarier than Godzilla.
At the same time it announced its CEO transition, it reported a fourth-quarter net loss of $397 million and a 2024 net loss of $2.7 billion. In total, the company lost nearly $300,000 for every car it sold.
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Currently, Lucid is majority-owned by Saudi Arabia’s Public Investment Fund, which regularly injects the EV maker with cash. In the second quarter of 2024, the Saudis coughed over another $1.5 billion to keep the automaker afloat.
However, 2024 was still a relatively strong year in terms of sales, as Lucid managed to sell 10,241 cars to its customers, a 71% increase from 2023.
In a statement, the interim CEO said the company has more in store on its way to profitability.
“Our team remains focused on further ramping production of the Lucid Gravity, preparing for the launch of our three midsize platform vehicles, and continuing development of our low-cost Atlas drive unit while we aggressively reduce our costs.”
Lucid Motors trades on the New York Stock Exchange as LCID.
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