Lucid CEO Peter Rawlinson steps down

[DuoRivians]

But he’ll receive $120K per MONTH for up to 2 years as an advisor. ?

https://techcrunch.com/2025/02/25/lucid-motors-ceo-peter-rawlinson-steps-down/

Sponsored

 

[DayTripping]

That is interesting, especially since the Gravity just dropped. I wonder what the real story is.

 

[strykerwsu]

I like their vehicles but just don’t see them making it. No mass market vehicle.

 

[pitbull-ny]

Poor on delivery

 

[COdogman]

 

[Donald Stanfield]

Holy shit, the guy is getting almost 1.5 million a year in compensation but hasn't made 20k cars yet? I also like his quote, "Now that we have successfully launched the gravity". Have you? Last I checked, they made about 9 total since their "launch". I bet Rivian has 9 R2's in various stages of production and the final specs aren't even announced yet.

The Gravity isn't going to do well. One, it doesn't even exist yet despite supposedly being in production. Two, it's essentially an estate wagon, NOT an SUV, and those don't sell well here. Three, it's an estate wagon that looks like a minivan, and people aren't rushing to spend 100K+ on a minivan.

This is either because Peter got fired for fumbling the ball or because the rat left the sinking ship. Either way, if I had a Gravity preorder, I would think about what else I could buy.

 

[kurtlikevonnegut]

Homeboy got canned for sure. The house of Saud got tired of waiting for him to spin straw into gold and decided to make a move before the Gravity production ramp because that's the last time to salvage the brand.

I'll be interested to see if Pete goes full Fisker and tries to start another company in a few years.

 

[Sgt Beavis]

I like their vehicles but just don’t see them making it. No mass market vehicle.

That may be one reason he’s gone. He’s been on record saying that he doesn’t want Lucid to make a lower cost vehicle.

 

[Newtonrj]

The question is who takes over Lucid and what are their business priorities going forward? Is it a tech company with the best electric motors or a product company looking to ship product at scale? They are not mutually exclusive but focusing too hard on one, leaves the other unsatisfied. As a startup, balancing priorities is key to getting to positive cash flow, profitability and growth.

In '24, they delivered 10, 241 vehicles and collected $808M for an average of $78,898 per vehicle delivered. The company also lost $2.7B in '24 while having $1.6B remaining in cash remaining. That looks like a 6-7 month runout unless they get more funding of about $1B/yr. And that not counting they can SELL 20,000 Lucid Air/Gravity vehicles.

 

[kurtlikevonnegut]

I agree with this, and I think some of it is tied to the infamous Tesla deal that never materialized. The Saud family appears to be attempting to rebrand themselves as a giant venture capital firm and ultimately the money that they are putting into Lucid amounts to peanuts for them compared to the humiliation that they would suffer by Lucid going under. If they were going to let Lucid fail, they would have done it last year.

Sponsored