Lucid CEO Steps Down As EV Maker Plans To Double Production (cnbc.com) 18
Lucid CEO Peter Rawlinson has stepped down, with COO Marc Winterhoff taking over as interim CEO. The company also announced its fourth-quarter financial results and revealed plans to more than double vehicle production to 20,000 units in 2025. CNBC reports: Winterhoff told CNBC on Tuesday that it was Rawlinson's decision to resign as of Friday, however he declined to elaborate on any additional details. "It was Peter's decision after 12 years of, let's say, daily grind or daily activities and bringing the company where it is today ... that it is time to step aside and pass the baton," said Winterhoff, who joined Lucid from Roland Berger in December 2023. In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was "finally the right time" to step down after "successfully" launching the company's second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.
The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million. Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million. During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million. The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024. Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.
The CEO change and production target were announced in conjunction with the automaker's fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million. Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million. During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million. The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024. Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.
Saudis squeezed to deliver payback (Score:1)
More Miusk corruption, the purge continues.
Re: (Score:2, Insightful)
what does a very badly run EV business that has been a money sewer for investors have to do with "Musk corruption"
What a run! (Score:4, Funny)
After 12 years of losing investor funds, never making a profit, and losing a record 4.7 billion in 2021
I only found profit back to 2019
2023 $-2,828
2022 $-1,304
2021 $-4,747
2020 $-706
2019 $-269
Looks like 2024 was around 3 billion loss, but the CEO was very proud of the 807 million in revenue.
I'm no accountant, but it looks like they've taken 16 billion in investment funding and lost 13 billion of it so far, to develop 2 cars, one of which they've been selling for years now at a loss
Re: (Score:2)
Man their stock really got killed over the past few years with those losses - around $2 now, down from a peak of around $60. Can't believe they haven't figured out how to turn a profit selling luxury EVs. Those are eye-watering yearly losses, and not steadily declining either.
Re:What a run! (Score:5, Insightful)
I'm no accountant, but it looks like they've taken 16 billion in investment funding and lost 13 billion of it so far, to develop 2 cars, one of which they've been selling for years now at a loss
It took Tesla 18 years to turn a profit [nytimes.com]. Are you sure you're not an accountant? Because they always preach austerity, and when you make them CEO they always cut programs which you can't afford to cut and destroy the future of a company.
Re: (Score:2)
Tesla took many years to turn a profit but had rapidly growing revenue and market dominance.
Lucid is growing slowly into a crowded market, facing better-established competitors.
Re: heh heh (Score:2)
Okay, and did Elon Musk, at any time, ever try to put something in your butt? You don't need to be ashamed or embarrassed. Just did he ever try to put anything in your butt?
Re: (Score:3)
Lucid has been around for 18 years now, originally they called themselves Atieva in 2007
They re-branded in 2016 to Lucid
Re: (Score:3)
Lucid has been around for 18 years now, originally they called themselves Atieva in 2007
So all they need is one nice boost from a major competitor losing a bunch of business to be on about the same schedule. I wonder what might cause that to happen?
Re:What a run! (Score:5, Insightful)
Hardly unusual for new car manufacturers. Tesla lost billions for many years too, and the established manufacturers expect to lose huge sums on new platforms that take decades to recover fully.
They have cleared the biggest hurdles for new entrants to the market. They have two proven models being mass produced, they have sales and a support network. Most fail before getting this far so by industry standards they are looking like a success.
Damn (Score:2, Funny)
Damn people are cunty here tonight
"Gravity" (Score:2)
Re: (Score:3)
Lucid makes a damn nice (albeit expensive) car. The top of the line model gets over 500 miles of range.
Re: "Gravity" (Score:4, Insightful)
All of this will save me about two hours of charging time on that cross country road trip I make once a year. Especially if I ignore the quarterly trips to a mechanic to have the oil and air filter changed. Consider yourselves owned, libs!
100K ++ (Score:2)
Electric vehicles can't become mainstream with such prices.
at 100 and 130 000 , it's for the fortunate few and not everyday kind of people.
If electric vehicles are to win us over .. go down to 20k and you may have something going.