Lucid Group, an electric vehicle manufacturer, saw its shares drop over 10% after Bank of America downgraded its stock and following the unexpected exit of CEO Peter Rawlinson. The company, which is majority owned by Saudi Arabia’s Public Investment Fund, is now seeking a new CEO. Interim CEO Marc Winterhoff has outlined plans to more than double vehicle production this year, reduce losses, and boost customer awareness. Despite not being profitable, Lucid has improved its GAAP gross margin from a negative 225% in 2023 to a negative 114% in 2024. The company reported a net loss of $636.9 million, or 22 cents per share, on revenue of $234.5 million for the fourth quarter. Lucid’s first product, the Air sedan, has been well-received for its design and technology but has not met demand expectations. The company is now focusing on the production of its Gravity SUV, with orders already open in Saudi Arabia. Additionally, Lucid is developing a new midsize vehicle platform for a 2026 launch, aiming to expand its market presence and increase marketing efforts.
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