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Lucid Stock Sinks as EV Maker’s CEO Resigns, Offsetting Solid Results, Outlook
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Key Points
- Lucid Group CEO Peter Rawlinson resigned unexpectedly after leading the EV manufacturer for 12 years.
- Rawlinson will continue to serve as an advisor, and current COO Marc Winterhoff takes over as interim CEO.
- The news offsets more than expected financial results, as well as Lucid’s forecast, which will double its revenue in 2025.
Lucid Group(LCID) Stock fell 11% on Wednesday, when the CEO of luxury electric vehicle (EV) maker unexpectedly resigned, even as the company plans to increase production this year.
The manufacturer of the aviation sedan and the new Gravity SUV announced that Peter Rawlinson will serve as both CEO and CTO, although he will continue to serve as strategic technical consultant to the chairman of Turqi Alnowaiser. Rawlinson led the company for 12 years and will receive a monthly salary of $120,000, plus a two-year consulting agreement, other benefits. Current Chief Operating Officer Marc Winterhoff has been appointed interim CEO.
“Now that we have successfully launched the sober gravity, I think it’s finally the right time for me to stand out in the sober character,” Rollinson said.
Lucid’s highest estimate of fourth quarter results
News offsets sober results and prospects. The company reported a loss in the fourth quarter of $0.22, with revenue rising nearly 50% year-on-year to $234.5 million. Both are better than the visible alpha consensus estimate.
Lucid generated 3,386 electric vehicles during this period, with 9,029 ev in 2024. Now, it forecasts production to be around 20,000 in 2025.
The company offered 3,099 electric vehicles in the quarter and 10,241 times a year.
Lucid Group’s shares have lost more than a quarter of its value over the past year.
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