Wall Street Wizardry
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Wall Street Wizardry

Business

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

by admin February 28, 2025
February 28, 2025
Lucid CEO steps down; EV maker plans to more than double production in 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

previous post
Palestinians were living under occupation before the war. A Palestinian and an Israeli united to show the world their reality
next post
Prismo Metals Updates Exploration at Hot Breccia

Related Posts

Paramount ends DEI policies, cites Trump executive order

February 28, 2025

GM cuts 50% of Cruise staff after ending...

February 6, 2025

USPS resumes shipments from China in abrupt about-face

February 6, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025

Nvidia CEO Huang says AI has to do...

March 1, 2025

Retirees ‘stunned’ as market turmoil over tariffs shrinks...

April 16, 2025

Krispy Kreme stock plunges after doughnut chain pauses...

May 9, 2025

‘Eat now, pay later’? DoorDash-Klarna deal fuels concerns...

March 26, 2025

A man once sued by the SEC wins...

May 22, 2025

Walgreens doubles down on prescription-filling robots to cut...

May 13, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      Financial Agreement signed releasing $2M grant

      January 23, 2025
    • 2

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 3

      US security contractor will take charge of key checkpoint in Gaza as Israeli forces withdraw

      January 25, 2025
    • 4

      Trump re-designates Iranian-backed Houthis as terrorists: ‘Threaten[s] security of American civilians’

      January 23, 2025
    • 5

      Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

      January 23, 2025
    • 6

      FDA officially authorizes Zyn nicotine pouches for sale following health review

      January 23, 2025
    • 7

      Universal’s ‘Wicked: For Good’ creates a unique marketing challenge

      January 26, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: wallstreetwizardry.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 © 2025 wallstreetwizardry.com | All Rights Reserved