EV maker Lucid Motors' (LCID) stock rose 9% in pre-market trading on Wednesday following the company's better-than-expected results — and a change at the top of its management.
Lucid CEO and CTO Peter Rawlinson, who has been with the company for over a decade, is stepping down in a planned transition, the company said, and will assume the role of strategic adviser to the chairman. Current COO Marc Winterhoff will be interim CEO while the company conducts a search for its next chief executive.
Lucid also announced 2025 production guidance of approximately 20,000 vehicles, more than double 2024's total.
Lucid shares were up 8% after hours.
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At close: February 25 at 4:00:01 PM EST
"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," Rawlinson said in a statement. "I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past 12 years.”
Turqi Alnowaiser, chairman of the Lucid board of directors, praised Rawlinson's role at the company. "Since launching Lucid in 2016, Peter has been instrumental in the company's transition from concept to reality and in developing unique, world-leading technology that has defined the next generation of EVs."
In its fourth quarter report, Lucid reported top-line revenue of $234.5 million versus Bloomberg consensus estimates of $212.4 million. Lucid reported a smaller loss than expected, with an adjusted loss per share of $0.22 versus a $0.25 loss expected, resulting in an adjusted EBITDA loss of $577.3 million vs $576 million expected.
Last month, Lucid said it produced 3,386 EVs and delivered 3,099 in the fourth quarter, up from the 2,391 produced and 1,734 delivered last quarter. For the year, Lucid reported production of 9,029 units and delivered 10,241, up from the 8,428 produced and 6,001 delivered a year ago.
"We saw significant momentum in 2024 with four consecutive quarters of record deliveries," said Gagan Dhingra, interim CFO, in a statement. "Additionally, we made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF)."
Pras Subramanian is a reporter for chof360 Finance. You can follow him on X and on Instagram.
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