News Summary

Lucid Motors announced a significant leadership change as CEO and CTO Peter Rawlinson steps down after nearly six years at the helm. Marc Winterhoff, the company’s COO, has been appointed as the interim CEO. Rawlinson will transition to a ‘strategic technical advisor’ role to Turqi Alnowaiser, the board chairman. This change comes as Lucid launches its Gravity SUV and plans to double production to 20,000 EVs in 2025. Despite increased revenue to $808 million in 2024, Lucid faced a $2.7 billion loss. The company, primarily backed by Saudi Arabia’s sovereign wealth fund, aims for sustainable growth amidst financial challenges.