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.

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

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.