Former Lucid Motors CEO Peter Rawlinson will receive $120,000 per month as an adviser to the automaker, a $2 million stock grant and a company car as part of a two-year “transition agreement,” the company said in a regulatory filing.

Lucid Motors is changing CEOs for the first time in nearly six years. The company announced Tuesday that Peter Rawlinson is stepping down from the CEO and

Lucid Group (LCID) reported market-beating results for its fourth quarter of 2024 on Wednesday, Feb. 26. In the earnings release, the company also revealed plans to produce 20,000 vehicles this year – more than double the number of units it produced in 2024.

Lucid said COO Marc Winterhoff will be chief executive on an interim basis. The company’s stock rose 6 percent in after-hours trading on the news.

Peter Rawlinson has stepped down as Lucid Motors’ chief executive as the EV automaker plans to double production in 2025.

Peter Rawlinson steps down as Lucid CEO after Q4 2024 losses totaling of $397 million. Marc Winterhoff becomes interim CEO.

You'd think the CEO would have given the company time to hire a replacement. Winterhoff confirmed on the call that Lucid is “expecting deals to close soon,” but didn’t offer any additional details. The 2025 Lucid Air is already considered the “world’s most efficient car” with a record 5 miles/kWh.