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In a surprising move, Peter Rollinson, the CEO of Lucid Motors, announced his stepping down from the role. This transition appears to be unplanned, as Lucid has not yet appointed a permanent successor, with Mark Vhof, the COO, taking on the interim CEO role. Analysis suggests this decision comes after the company's performance has fallen short of expectations, leading to substantial losses.
Lucid indicated that their losses for 2024 have reached $2.7 billion, with cumulative losses since inception amounting to $12.9 billion. These financial results indicate a continuing struggle for the company, particularly as they aim to ramp up production targets significantly. Their previous goal of 90,000 units for 2024 has now been downgraded to just 20,000 units for 2025.