On May 24, 2024, the brand new sober electric car parked in front of the sober studio showroom in San Francisco.
Justin Sullivan | Getty Images
Electric car manufacturers Sober group CEO Peter Rawlinson is resigning as the company expects to produce more than two cars to 20,000 this year, it said Tuesday.
Lucid said the company’s current chief operating officer Marc Winterhoff will step in to the interim CEO. Rawlinson will serve as “Strategic Technical Advisor to the Board Chair, in addition to previous roles,” The company said.
“I am very proud of the achievements of the Lucid team in the past twelve years of their tenure,” Rollinson said in a statement.
Rollinson’s departure was unexpected. As one of the company’s largest shareholders, Rawlinson also serves as chief technology officer, who often touts his passion and stake in automakers.
The company said Lucid’s board of directors has begun searching to identify new CEOs.
CEO changes and production targets are announced with the automaker’s fourth-quarter financial results. During the period ended December 31, the company reported a net loss attributable to common shareholders of $636.9 million, or a loss of 22 cents per share, with revenue of $234.5 million.
Analysts surveyed by LSEG expect revenue of $214 million for 25 cents per share.
In the same period last year, Lucid reported net losses attributable to common shareholders, with revenue of $653.8 million, or 29 cents per share, with revenue of $157.2 million.
The production targets for 2025 will be announced on Tuesday with Production In 2024, the 9,029 vehicles and 10,241 vehicles were reported.
Lucid’s stock was about 10% higher during the post-season trading Tuesday.
As of the time of market shutdown, the company’s stock has fallen about 13% this year due to slow adoption of all-electric vehicles and uncertainty over federal support under the Trump administration. Last year, the stock fell about 28%.
This story is developing. Please check it for updates.
