Luxury electric vehicle (EV) manufacturer Lucid Motors has announced that its founder and CEO, Peter Rawlinson, will step down from his role. However, Rawlinson will not be leaving the company entirely, instead taking on the position of "Strategic Technical Advisor to the Chairman of the Board."

Rawlinson's decision to step down comes as Lucid sets its sights on significant growth, aiming to double its production to 20,000 vehicles in 2025. This ambitious target is a substantial increase from the 10,241 EVs delivered in 2024. The company's chief operating officer, Marc Winterhoff, will serve as interim CEO while the board searches for a new chief executive.

In a statement, Rawlinson expressed his pride in the accomplishments of the Lucid team during his 12-year tenure, citing the company's growth from a small startup to a recognized technological leader in sustainable mobility. Rawlinson emphasized that Lucid's success has always been a team effort, and he is confident in the company's ability to continue pushing boundaries.

The leadership change comes as Lucid reports its fourth-quarter earnings, which included a net loss attributable to common stockholders of $636.9 million. Despite this, the company reported revenue of $234.4 million for the quarter and $807.8 million for the entire year. Lucid ended 2024 with $6.13 billion in total liquidity, thanks in part to a $2.5 billion investment from Saudi Arabia's Public Investment Fund in 2024.

The company's growth plans are ambitious, particularly in a market where most analysts predict the EV share of the retail market will remain flat in 2025. However, Lucid is pinning its hopes on its Gravity SUV, which began customer deliveries late last year. The Gravity boasts impressive specs, including up to 440 miles of range, 800 horsepower, and acceleration from 0-60 mph in under 3.5 seconds. Notably, the Gravity will also feature a native NACS charging port, making it compatible with Tesla's Supercharger network.

As Lucid navigates this critical phase of growth, the company will need to balance its production targets with the challenges of the EV market. With Rawlinson remaining on board as a strategic technical advisor, Lucid will continue to benefit from his expertise and vision. As the company searches for a new CEO, it will be crucial to find a leader who can build on Rawlinson's legacy and drive Lucid towards its ambitious goals.

The news of Rawlinson's departure and Lucid's growth plans will be closely watched by industry observers, who will be eager to see how the company fares in the competitive EV market. As the luxury EV segment continues to evolve, Lucid's success will depend on its ability to innovate, adapt, and execute its strategy effectively.