Peter Rawlinson steps aside
from prior roles, transitions to Strategic Technical Advisor to the
Chairman, Marc Winterhoff Appointed Interim CEO
NEWARK,
Calif., Feb. 25, 2025 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ: LCID), maker of the world's most advanced electric
vehicles, today announced Peter
Rawlinson has stepped aside from his prior roles. He will
transition to the role of Strategic Technical Advisor to the
Chairman of the Board. Marc
Winterhoff, Chief Operating Officer, has been appointed
Interim Chief Executive Officer.
As part of the company's regular succession planning process,
the Board has initiated a search to identify Lucid's next Chief
Executive Officer with the support of a leading executive search
firm. The new CEO will help Lucid execute its strategy and prepare
for the next chapter.
"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," said Rawlinson. "I am incredibly proud of
the accomplishments the Lucid team have achieved together through
my tenure of these past twelve years. We grew from a tiny company
with a big ambition, to a widely recognized technological world
leader in sustainable mobility. It has been my honor to have led
and grown this remarkable, truly world-class organization, because
Lucid has always been first and foremost about a team effort. The
time has now come for me to hand the baton to that very team. I
would like to take this opportunity to thank everyone at Lucid, our
partners, and the Public Investment Fund for their steadfast
support. Serving Lucid has been the privilege of a lifetime and I
look forward to continuing to contribute as Strategic Technical
Advisor to the Chairman of the Board. I am delighted to remain part
of the Lucid family to support the continued success and growth of
the company."
"On behalf of the Board, I would like to thank Peter for his
years of service and dedication to Lucid as CEO and CTO. 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," said Turqi Alnowaiser, Chairman of the
Lucid Board of Directors. "Having assembled a deep bench of
technology leaders and positioned the company for its next phase,
Peter has decided to step aside from the day-to-day operations and
take on an advisory role. With his extensive background in the
automotive industry, Marc is uniquely suited to leading the company
during this transition period. The Board looks forward to
partnering with Marc and our talented senior leadership team as we
execute our strategic initiatives to position the company for
long-term growth and gross margin improvement. Under Marc's
leadership, we expect business and operations to continue as
usual."
"Lucid's technology leadership is now well-established and our
roadmap well-defined," said Winterhoff. "I am honored to step
into this role as we enter the next stage in our transformational
journey, and I look forward to capitalizing on the tremendous
opportunity this presents. 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."
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology
company focused on creating the most advanced EVs in the world. The
award-winning Lucid Air and new Lucid Gravity deliver best-in-class
performance, sophisticated design, expansive interior space and
unrivaled energy efficiency. Lucid assembles both vehicles in its
state-of-the-art, vertically integrated factory in Arizona. Through its industry-leading
technology and innovations, Lucid is advancing the state-of-the-art
of EV technology for the benefit of all.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Forward-Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"shall," "expect," "anticipate," "believe," "seek," "target,"
"continue," "could," "may," "might," "possible," "potential,"
"predict" or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding plans and expectations with
respect to the production ramp-up of the Lucid Gravity, the Midsize
platform, lower cost drive unit, plans and expectations with
respect to cost reduction and gross margin improvement, plans and
expectations regarding management transition as well as Lucid's
future operations. Actual events and circumstances may differ from
these forward-looking statements. These forward-looking statements
are subject to a number of risks and uncertainties, including those
factors discussed under the heading "Risk Factors" in Part I, Item
1A of Lucid's Annual Report on Form 10-K for the year ended
December 31, 2024, as well as in
other documents Lucid has filed or will file with the Securities
and Exchange Commission. If any of these risks materialize or
Lucid's assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Lucid currently does
not know or that Lucid currently believes are immaterial that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
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SOURCE Lucid Group
