Lucid Motors is undergoing a major leadership shakeup as Peter Rawlinson steps down from his roles as CEO and CTO. The announcement marks the first time in nearly six years that Lucid has changed its top executive, signaling a crucial turning point for the luxury EV startup. Rawlinson has also resigned from the company’s board, with Marc Winterhoff, Lucid’s Chief Operating Officer, stepping in as interim CEO.
The timing of Rawlinson’s departure comes as Lucid attempts to solidify its position in the EV market. The company has struggled with lower-than-expected sales of its Air sedan, and all hopes are now pinned on the success of the Lucid Gravity SUV, which debuted late last year. While deliveries of the Gravity are still in the early stages, its performance in the market could be a make-or-break moment for the brand.
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Marc Winterhoff
Despite the challenges, Rawlinson expressed pride in what Lucid has accomplished under his leadership. “Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid,” he said in a statement.
Lucid’s financial results for 2024 underscore the urgency of its turnaround efforts. The company delivered 10,241 vehicles in 2024, an improvement from 6,001 in 2023, generating $808 million in revenue (up from $595 million). However, Lucid still reported a $2.7 billion loss, only slightly better than its $2.8 billion loss in 2023.
Looking ahead, Lucid plans to double production to 20,000 vehicles in 2025, banking on strong demand for the Gravity. But sustaining operations will require continued financial backing—largely from Saudi Arabia’s Public Investment Fund (PIF), which holds a majority stake in the company. In 2024, Lucid repeatedly turned to the Saudis for funding despite Rawlinson previously warning against over-reliance on the Kingdom.
Rawlinson, a former Tesla engineer who played a key role in developing the Model S, joined Lucid (then Atieva) in 2013. Under his leadership, the company evolved from an EV battery supplier into a full-fledged luxury automaker.
Though he’s stepping down, Rawlinson will remain involved as a strategic technical advisor to Turqi Alnowaiser, Lucid’s chairman and a key figure in Saudi Arabia’s sovereign wealth fund. According to regulatory filings, Rawlinson will receive a $120,000 monthly payment, a complimentary Lucid EV, health benefits, and a $2 million stock grant in his advisory role, which lasts until February 2027.
Lucid’s announcement left analysts with lingering concerns—particularly about the lack of a permanent CEO. During a recent earnings call, Bank of America analyst John Murphy pointed out the unusual nature of the transition, questioning why Rawlinson wasn’t present to discuss his departure.
Interim CEO Marc Winterhoff addressed the concerns, stating that Rawlinson “will not be part of the day-to-day business” and will only be consulted at the discretion of the chairman.
As Lucid navigates this critical period, all eyes will be on how the Gravity SUV performs and whether the company can achieve its ambitious production targets. With strong financial backing but mounting losses, Lucid’s future may depend on finding the right leadership to guide it through the next chapter.
