Feb 25, 2025 - Business

Peter Rawlinson out as CEO of luxury EV maker Lucid

Nathan Bomey

A man in a suit next to a photo of an EV charging — Photo illustration: Axios Visuals. Photo: Courtesy of Lucid

The CEO of luxury EV startup Lucid Group is stepping aside as the company continues to lose money, despite increasing sales.

Why it matters: The Saudi-backed Lucid has billed itself from the beginning as a serious competitor to Tesla, but has remained a low-volume vehicle seller despite design accolades.

Between the lines: CEO Peter Rawlinson will become strategic technical adviser to the company's chairman, Lucid said Tuesday in a statement.

COO Marc Winterhoff will become interim CEO.
The company has hired a search firm to find a new permanent CEO.

Zoom in: The announcement came at the same time Lucid issued its quarterly earnings report, which showed its quarterly net loss narrowed slightly to $636.9 million.

Fourth-quarter vehicle deliveries totaled 3,099, up 79% from a year earlier.

State of play: As a former engineer of the Tesla Model S, Rawlinson kept Lucid's focus primarily on luxury EVs, but had recently authorized a new factory in Saudi Arabia.

The company's primary model, the Lucid Air, earned praise from critics but had limited sales potential due to a starting price that could easily exceed $100,000, depending on the trim level.
The automaker also recently launched the Lucid Gravity, a 450-mile-range SUV viewed as crucial to broadening its appeal.

By the numbers: The company's stock jumped 9% in after-hours trading Tuesday to $2.85.

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Peter Rawlinson out as CEO of luxury EV maker Lucid

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