Top Posts
Run Your Stock Portfolio Like a Pro Sports...
Leadership Rotation Could Confirm Corrective Phase
Breakouts, Momentum & Moving Averages: 10 Must-See Stock...
Appeals Court Grants Trump Temporary Reprieve on Tariffs,...
Top 5 Canadian Mining Stocks This Week: Adyton...
NVIDIA Rallies After Strong Q1, AI Demand Outshines...
U.S. foreign tax bill sends jitters across Wall...
Analyzing SIL, USO, and NVDA: Could These Bullish...
Nuclear Power Trio: OKLO, SMR, and CCJ in...
Charbone Hydrogene annonce les resultats financiers T1 2025
  • Home
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Market Commandos
Editor's Pick

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

by admin February 28, 2025
February 28, 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
Could Bitcoin Reach $200000? Market & Expert Insights
next post
Noble Announces Results of 2025 Shareholder Meeting

You may also like

U.S. foreign tax bill sends jitters across Wall...

May 31, 2025

Amazon taps Xbox co-founder to lead new team...

May 30, 2025

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 30, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 29, 2025

Macy’s CEO says retailer will hike some prices...

May 29, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

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

May 25, 2025

United Airlines reaches ‘industry-leading’ labor deal with flight...

May 24, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • Run Your Stock Portfolio Like a Pro Sports Team

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Appeals Court Grants Trump Temporary Reprieve on Tariffs, “TACO” Taunts Gain Steam

      May 31, 2025
    • Top 5 Canadian Mining Stocks This Week: Adyton Sparkles with 97 Percent Gain

      May 31, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 MarketCommandos.com All Rights Reserved.

    Market Commandos
    • Investing
    • Stock
    • Economy
    • Editor’s Pick