Electric-vehicle maker Lucid Group said on Tuesday that Peter Rawlinson, its CEO for over 5 years, is stepping down from the role, and forecast its vehicle production will more than double this year,

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.

Lucid Motors is changing CEOs for the first time in nearly six years. The company announced Tuesday that Peter Rawlinson is stepping down from the CEO and

Lucid Group Inc. will begin a search for a new chief executive officer after it said its current leader, Peter Rawlinson, has stepped aside to serve in a strategic advisory role.

Lucid Group named Operating Chief Marc Winterhoff as its interim chief executive officer, succeeding Peter Rawlinson, who has stepped aside from the company’s top role.

The CEO of luxury EV startup Lucid Group is stepping aside as the company continues to lose money, despite increasing sales. Why it matters: The Saudi-backed Lucid has billed itself from the beginning as a serious competitor to Tesla,