Lucid sees stock pop on Q4 results, announces CEO Peter Rawlinson will step down

Key Points

  • Lucid Motors' CEO Peter Rawlinson steps down, transitioning to a strategic adviser role.
  • Interim CEO Marc Winterhoff appointed as the company searches for a new CEO.
  • Lucid sets 2025 production target at 20,000 vehicles, more than doubling 2024's output.
  • Lucid's Q4 revenue beats expectations with $234.5 million, and a smaller adjusted loss per share than anticipated.

Summary

Lucid Motors, an electric vehicle manufacturer, experienced a significant after-hours stock surge following the announcement of better-than-expected financial results and a leadership transition. CEO and CTO Peter Rawlinson, who has been with the company for over a decade, is stepping down to become a strategic adviser, with COO Marc Winterhoff taking over as interim CEO. The company also set an ambitious production goal for 2025, aiming to produce approximately 20,000 vehicles, which is more than double the expected output for 2024. Lucid's fourth-quarter performance was strong, with revenue reaching $234.5 million against the expected $212.4 million, and an adjusted loss per share of $0.22, better than the forecasted $0.25. The company also reported a year-over-year increase in production and deliveries, with significant improvements in gross margins and balance sheet strength, supported by investments from the Public Investment Fund (PIF).

yahoo
February 25, 2025
Stocks
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