By Sean McLain and Connor Hart
Electric-vehicle startup Lucid's Chief Executive, Peter Rawlinson, resigned Tuesday, sparking a search for a new leader at a crucial time for the young company.
Rawlinson led Lucid since 2019 and guided the startup through its public debut in 2021. A former Tesla and Jaguar engineer, Rawlinson helped Lucid develop some of the industry's most-innovative battery and electric-motor technology.
Still, the EV maker has struggled to lift its share price and been beset by sluggish sales and persistent losses, hurt by a slowdown in the growth of U.S. electric-vehicle sales that has hit traditional automakers and startups alike.
Lucid announced Rawlinson's departure as it reported a $3 billion net loss for 2024, compared with $2.8 billion a year prior. The Newark, Calif.-based company burned through $2.9 billion of its cash reserves during the period, ending the year with $1.6 billion in cash and cash equivalents.
Rawlinson will be replaced on an interim basis with Marc Winterhoff, a former Roland Berger automotive analyst who was made chief operating officer a little over a year ago. The company said Rawlinson would stay on at Lucid in an advisory capacity.
Lucid shares rose about 8% in after-market trading Tuesday.
Last year, Lucid sold 10,241 Lucid Air sedans -- its debut model -- up from 6,001 a year prior. The company's factory in Casa Grande, Ariz., was built to produce up to 90,000 vehicles every year.
"Our first product, I think, is an outstanding car. I think that the sales numbers have definitely disappointed, I'll be quite frank with you, " Rawlinson said in an interview in November 2023.
Lucid is among the highest-profile electric-car startups to emerge over the past decade, vying to follow the success of EV leader Tesla. Like many electric-car companies, Lucid's shares have cratered from its peak in 2021 as sales fell short of forecasts.
Write to Connor Hart at Connor.Hart@wsj.com
(END) Dow Jones Newswires
February 25, 2025 17:54 ET (22:54 GMT)
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