Lucid Stock Sinks as EV Maker's CEO Resigns, Offsetting Solid Results, Outlook

Key Takeaways

Lucid Group ( LCID ) shares tumbled 11% Wednesday when the luxury electric vehicle (EV) manufacturer's CEO unexpectedly resigned, even as the company planned to double production this year.

The maker of the Air sedan and new Gravity SUV announced that Peter Rawlinson would be stepping down as both CEO and Chief Technology Officer, although he will stay on as Strategic Technical Advisor to Chair Turqi Alnowaiser. Rawlinson had headed the company for 12 years, and will be paid $120,000 a month plus other benefits under a two-year consulting deal. Current COO Marc Winterhoff was named interim CEO.

"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.

Lucid's Q4 Results Top Estimates

The news offset Lucid's strong results and outlook. The company reported a fourth-quarter loss of $0.22, with revenue up nearly 50% year-over-year to $234.5 million. Both were better than Visible Alpha consensus estimates.

Lucid produced 3,386 EVs in the period and 9,029 in 2024. It now predicts production of about 20,000 in 2025.

The company delivered 3,099 EVs in the quarter and 10,241 in the year.

Shares of Lucid Group have lost more than a quarter of their value over the past year.

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