Electric-vehicle maker Lucid Group said on Tuesday its Chief Executive Officer Peter Rawlinson will step down from the role, and forecast that vehicle production will more than double this year, sending the company's shares up 7% in extended trading.

Rawlinson, the former chief vehicle engineer at Tesla who joined rival Lucid in 2013, will take an advisory role on the board and be replaced on an interim basis by chief operating officer Marc Winterhoff.

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 Group Inc. will begin a search for a new leader after Chief Executive Officer Peter Rawlinson stepped aside to serve as an advisor to the electric-vehicle maker.

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,

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