Electric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson is stepping down as the company expects to more than double vehicle production this year to 20,000 units.

Lucid said Marc Winterhoff, currently the company’s chief operating officer, will step in as interim CEO. Rawlinson will serve as a “strategic technical advisor to the chairman of the board, stepping aside from his prior roles,” the company said.

“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years,” Rawlinson said in a statement. 

Rawlinson’s departure is unexpected. As one of the company’s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker.

Lucid’s board has initiated a search to identify a new CEO, the company said.

The CEO change and production target were announced in conjunction with the automaker’s fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.

Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.

During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.

The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.

Shares of Lucid were about 10% higher during afterhours trading Tuesday.

As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.

This story is developing. Please check back for updates.