Shares of Lucid Group (LCID) fell 11% on Wednesday following the unexpected resignation of the luxury electric vehicle (EV) manufacturer’s CEO, overshadowing solid financial results and an optimistic production forecast. Peter Rawlinson, who has led the company for 12 years, announced his decision to step down as both CEO and Chief Technology Officer, though he will remain as Strategic Technical Advisor to Chair Turqi Alnowaiser. Under a two-year consulting agreement, Rawlinson will receive $120,000 per month plus additional benefits. Current COO Marc Winterhoff has been named 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 stated. Lucid’s Q4 results exceeded expectations, with a loss of $0.22 per share and revenue rising nearly 50% year-over-year to $234.5 million, surpassing Visible Alpha consensus estimates. The company produced 3,386 EVs in Q4 and 9,029 in 2024, projecting production of approximately 20,000 units in 2025. Deliveries reached 3,099 EVs in the quarter and 10,241 for the year. — news from Investopedia
