EV manufacturer Lucid Group’s CEO, Peter Rawlinson, has stepped down from his role to become 'strategic technical advisor' to the chairman of the board.

Marc Winterhoff, the company's COO, has been appointed as the interim CEO.

 The company's Board of Directors has initiated a formal search for a permanent CEO with the assistance of an executive search firm.

Rawlinson contributed to the company's launch of the Air models and its transition to a publicly-traded entity.

Amid fluctuating EV demand in the US, Lucid is expanding its lineup with the Gravity SUV to rival Tesla’s Model X and Rivian’s R1S.

Winterhoff said: “Our team remains focused on further ramping production of the Lucid Gravity, preparing for the launch of our three midsize platform vehicles, and continuing development of our low-cost Atlas drive unit while we aggressively reduce our costs.”

In the fourth quarter (Q4) of 2024, Lucid produced 3,386 vehicles and delivered 3,099, aligning with its 2024 production guidance of approximately 9,000 vehicles.

In total, Lucid produced 9,029 vehicles and delivered 10,241 vehicles in 2024.

Looking ahead, Lucid has set a 2025 production target of around 20,000 vehicles, with plans to adjust production in response to sales and delivery demands.

Lucid reported a fourth-quarter revenue of $234.5m, up from $157.15m in the same period a year ago.

Annual revenue for 2024 stood at $807.8m, an increase from $595.27m in the previous year.

The company concluded Q4 2024 with a total liquidity of approximately $6.13bn.