EV-maker Lucid Motors (LCID) stock popped after hours following the company's better than expected results — and a change at the top of its management.

Lucid CEO and CTO Peter Rawlinson, who has been with the company over a decade, is stepping down in a planned transition, the company said, and will assume the role of strategic adviser to the chairman. Current COO Marc Winterhoff will be interim CEO while the company conducts a search for its next chief executive.

Lucid also announced 2025 production guidance of approximately 20,000 vehicles, more than double 2024's total.

Lucid shares were up 8% after hours.

"Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid," Rawlinson said in a statement. "I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years.”

Turqi Alnowaiser, chairman of the Lucid board of directors, praised Rawlinson's role at the company. "Since launching Lucid in 2016, Peter has been instrumental in the company's transition from concept to reality and in developing unique, world-leading technology that has defined the next generation of EVs." 

As for its fourth quarter report, Lucid reported top line revenue of $234.5 million vs $212.4 million per Bloomberg consensus estimates. Lucid reported a smaller loss than expected, with an adjusted EPS loss of $0.22 cents vs a $0.25 loss expected, resulting in an adjusted EBITDA loss of $577.3 million vs $576 million expected.

Matt Jelonek via Getty Images

Last month Lucid said it produced 3,386 EVs and delivered 3,099 in the fourth quarter, up from the 2,391 produced and 1,734 delivered last quarter. For the year, Lucid reported production of 9,029 units and delivered 10,241, up from the 8,428 produced and 6,001 delivered a year ago.

"We saw significant momentum in 2024 with four consecutive quarters of record deliveries," said Gagan Dhingra, interim CFO in a statement. "Additionally, we made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF)."

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.

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