Lucid Motors Faces Leadership Change and Mounting Losses as It Plans Aggressive Expansion

CEO Peter Rawlinson steps down, leaving interim leadership to navigate financial challenges and ambitious production goals.

Lucid Motors reported a $2.7 billion net loss for 2024, equating to nearly $300,000 lost per vehicle sold, despite a 71% increase in sales from 2023.
CEO Peter Rawlinson resigned from his role, transitioning to a strategic advisory position, with COO Marc Winterhoff stepping in as interim CEO while a formal search for a new leader begins.
Lucid plans to double its vehicle production in 2025 to 20,000 units, driven by the gradual rollout of its Gravity SUV, which starts with showroom and test drive models before expanding to customer deliveries.
The company is also developing a midsize EV platform expected to launch between late 2025 and early 2026, with plans to compete directly with Tesla's Model 3 and Model Y.
Lucid aims to improve financial performance by increasing scale, enhancing gross margins, and focusing on marketing and operational efficiency under its interim leadership.