Lucid Motors has announced a significant leadership change as Peter Rawlinson steps down from his roles as CEO and CTO, positions he has held for nearly six years. This change marks the first time the company has altered its leadership since going public. According to a regulatory filing, Rawlinson has also relinquished his position on Lucid's board.
Lucid Motors has appointed its Chief Operating Officer, Marc Winterhoff, as the interim CEO. Meanwhile, Rawlinson will transition to the role of "strategic technical advisor" to Turqi Alnowaiser, who serves as the chairman of the board and is a leading executive at Saudi Arabia’s sovereign wealth fund — Lucid Motors' majority owner.
This leadership transition comes at a crucial juncture for Lucid Motors, which recently launched its new Gravity SUV. The company has high expectations for the electric SUV after its first vehicle, the Air sedan, failed to meet projected sales targets following its 2021 public debut. The Gravity SUV is currently being gradually rolled out to early customers, employees, and stakeholders.
Rawlinson stated, “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. I am incredibly proud of the accomplishments the Lucid team has achieved together through my tenure of these past twelve years. We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility.”
Rawlinson is set to occupy the advisory role until February 2027, receiving a monthly payment of $120,000 for his services. Additionally, his compensation package includes a complimentary Lucid EV, health insurance, a $2 million stock grant, and more, as detailed in a regulatory filing.
Alongside the announcement of Rawlinson's transition, Lucid Motors shared its financial results for the fourth quarter of 2024, as well as the full year. The company delivered 10,241 EVs in 2024, a significant rise from 6,001 in 2023, generating $808 million in revenue compared to $595 million the previous year. Despite these gains, Lucid Motors reported a substantial loss of $2.7 billion in 2024, slightly reduced from a $2.8 billion loss in 2023. The company plans to double its production to approximately 20,000 EVs in 2025.
Lucid Motors finished the year with $1.6 billion in cash and equivalents, having secured substantial funding from Saudi Arabia throughout 2024 to support operations until the Gravity SUV launch. This was despite Rawlinson's earlier caution against relying on the Kingdom as a "bottomless wealth" source.
On a recent conference call, Winterhoff clarified that Rawlinson “will not be part of the day-to-day business.” He will be involved only if requested by Lucid's chairman. Winterhoff explained, “If there are questions arising and the chairman thinks it is worthwhile to involve Peter, then he will, but it’s up to the discretion of the chairman to have that interaction.”
Notably, Rawlinson was absent from the call, which Bank of America analyst John Murphy found unusual, questioning why the announcement was made without a successor present. Winterhoff responded, “I think we clearly announced that Peter made the decision that after 12 years, it’s now a good time to pass the baton.”
This story has been updated with details from Lucid Motors’ SEC filings and its quarterly investor conference call.
