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Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021. Andrew Kelly | Reuters Shares of electric vehicle maker Lucid Group were down more than 10% Wednesday following a downgrade of the company’s stock by Bank of America and the abrupt departure of CEO Peter Rawlinson. Rawlinson, who also served as chief technology officer at the company, was a driving force in its operations to this point, including the decision to go public in 2021. Investors considered Rawlinson to be the face of the company — and crucial to its success. The company – majority owned by Saudi Arabia’s Public Investment Fund – is in search of a new CEO, stirring uncertainty among Wall Street analysts. “We think the departure of Lucid’s (LCID) founder, CEO, and CTO, Peter Rawlinson is much more consequential than understood by the market,” BofA Securities analyst John Murphy wrote in a Wednesday investor note downgrading the stock to underperform. “We now expect product development to stall, consumer demand to be dampened, and anticipate additional funding opportunities could be put at risk.” Interim CEO Marc Winterhoff, formerly the company’s chief operating officer, will attempt to ensure that’s not the case for Lucid. Stock Chart IconStock chart icon Shares of Lucid, Tesla and Rivian in 2025. Winterhoff said in an interview with CNBC his objective is to build upon Lucid’s success rather than change its course. His top priorities include more than doubling vehicle production this year, narrowing losses and increasing customer awareness and technology offerings. “We have a clear vision. Now my focus will be on execution,” Winterhoff told CNBC Tuesday ahead of speaking to…

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Filed under: News - @ February 27, 2025 1:27 pm