TLDR

Table of Contents

Peter Rawlinson stepped down as CEO of Lucid Group, with COO Marc Winterhoff taking over as interim CEO
Lucid delivered 10,241 vehicles in 2024, a 70% increase from the previous year
The company plans to nearly double deliveries to 20,000 vehicles in 2025
Lucid’s new Gravity EV SUV has begun deliveries, with 75% of orders coming from new customers
Lucid is developing a new mid-sized platform for three vehicles, including an affordable model called Earth starting around $48,000

Lucid Group announced that CEO Peter Rawlinson has stepped down from his position after 12 years with the electric vehicle maker. The company’s Chief Operating Officer, Marc Winterhoff, will take over as interim CEO.

Rawlinson won’t be leaving the company entirely. He will continue to serve as a “strategic technical advisor to the chairman of the board,” maintaining his connection with the luxury EV manufacturer.

“It was Peter’s decision after 12 years of, let’s say, daily grind or daily activities and bringing the company where it is today… that it is time to step aside and pass the baton,” said Winterhoff, according to reports.

The timing of Rawlinson’s departure comes as Lucid enters what appears to be a pivotal year. The company is building on positive momentum from 2024, when it posted four consecutive record quarters for deliveries.

Lucid delivered 10,241 vehicles in 2024, representing a 70% increase from the previous year. This growth established the Lucid Air as a top-selling EV in its class in the United States during the second half of 2024.

The company produced 9,029 vehicles in 2024, meeting its projected target of 9,000 units. Fourth-quarter revenue reached $234.5 million, with improved gross margins at negative 114%, up from previously reported negative 225% margins.

Plans to nearly double its deliveries

Looking ahead to 2025, Lucid has ambitious plans to nearly double its deliveries to 20,000 vehicles. This projected growth will be driven largely by the company’s second vehicle, the Gravity EV SUV.

Deliveries of the Gravity began in early 2025, with Lucid planning to gradually increase production throughout the year. The Gravity appears to be attracting new customers to the brand, with the company reporting that 75% of Gravity orders are coming from customers new to Lucid.

Beyond the Gravity, Lucid is developing a new mid-sized platform that will underpin three future vehicles. One of these has been teased and is expected to be named “Earth,” with a starting price around $48,000.

Production of these mid-sized vehicles isn’t expected until late 2026, but they will be critical to Lucid’s strategy to compete with Tesla’s dominant market share. The more affordable price point could help Lucid reach a broader customer base.

One of the fastest-growing companies in the sector

Lucid’s growth metrics have been impressive. The company reported year-over-year sales growth of 35.71% and three-year sales growth of 210.02%, making it one of the fastest-growing companies in the automotive sector.

The EV market context remains challenging but promising. Industry forecasts from S&P Global predict that global sales for battery electric passenger vehicles will reach 15.1 million units in 2025, a 30% increase compared to 2024.

These electric vehicles are expected to account for an estimated 16.7% of global light vehicle sales in 2025, up from 13.2% in 2024. This growth comes despite a forecasted slight decrease in overall global light vehicle production.

Lucid’s stock price closed at $2.15 on March 7, 2025, with a market capitalization of approximately $7 billion. The stock saw a modest gain of 2.87% on that day.

CEO departure not a reason to sell

For Lucid investors, industry analysts suggest that Rawlinson’s departure alone isn’t a reason to sell the stock. Instead, they recommend focusing on the company’s delivery targets and future vehicle platforms as better indicators of Lucid’s long-term prospects.

Lucid plans to focus on increasing customer deliveries through expanded marketing and retail efforts. The company is also advancing its technologies with development of hands-free driving capabilities.

As Lucid navigates this leadership transition, its ability to meet delivery goals and successfully launch new models will likely determine whether it can strengthen its position in the competitive electric vehicle market.

Stay Ahead of the Market with Benzinga Pro!

Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders: