• Economy
  • Investing
  • Editor’s Pick
  • Stock
Evil Shark Trades
Stock

Lucid CEO steps down; EV maker plans to more than double production in 2025

by February 27, 2025
by February 27, 2025

Electric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson is stepping down as the company expects to more than double vehicle production this year to 20,000 units.

Lucid said Marc Winterhoff, currently the company’s chief operating officer, will step in as interim CEO. Rawlinson will serve as a “strategic technical advisor to the chairman of the board, stepping aside from his prior roles,” the company said.

“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,” Rawlinson said in a statement. 

Rawlinson’s departure is unexpected. As one of the company’s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker.

Lucid’s board has initiated a search to identify a new CEO, the company said.

The CEO change and production target were announced in conjunction with the automaker’s fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.

Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.

During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.

The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.

Shares of Lucid were about 10% higher during afterhours trading Tuesday.

As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
House DOGE subcommittee chair Greene threatens criminal referrals over foreign aid spending
next post
Musk loses more than $100B as Tesla gives up trillion-dollar company status amid sell-off

You may also like

Amazon extends Prime Day discounts to 4 days...

Boeing delivers most airplanes since late 2023 after...

Waymo offers teen accounts for driverless rides

Is a Chinese chain’s blood orange cold brew...

Essence Fest leads a summer of events for...

Tariffs and weaker beer demand are weighing on...

Microsoft laying off about 9,000 employees in latest...

As his feud with Trump reignites, Musk’s business...

Apple sues former Vision Pro employee for allegedly...

Lululemon sues Costco over selling alleged dupes

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent Posts

    • Trump had very unexpected convo with Obama at Carter’s funeral: Book
    • 10 reasons the DOJ and FBI face backlash over Epstein files flop
    • ‘Gut check time’: Dissent among Senate GOP ranks threatens to reduce Trump’s spending cut demand
    • New book reveals what Obama and ‘conqueror’ Trump chatted about in viral moment during Carter’s funeral
    • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims

    Categories

    • Economy (6,611)
    • Editor's Pick (3,862)
    • Investing (2,826)
    • Stock (1,369)
    Email Whitelisting About Us Terms & Conditions Privacy Policy Contact Us

    Disclaimer: Evilsharktrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EvilSharkTrades.com


    Back To Top
    Evil Shark Trades
    • Economy
    • Investing
    • Editor’s Pick
    • Stock