Lucid’s Senior VP of Digital Resigns As The Company Struggles to Find Consistent EV Demand

By Moon Harper

May 07, 2024 04:40 AM EDT

Lucid Motors' Digital senior vice president Mike Bell has resigned from his position, effective immediately, as stated in a Monday filing, as the long-time Apple and Intel executive seeks other opportunities.

Lucid's Digital SVP Resignation

Lucid Group, Inc., the manufacturer of highly advanced electric vehicles, announced that Bell will remain in an advisory capacity until mid-August to transition his responsibilities. He will be provided with severance benefits and a $125,000 consulting fee. Bell, who oversaw software development, departs as Lucid faces challenges in finding consistent demand for its luxury Air model while progressing with its upcoming Gravity SUV production.

SVP Mike Bell's Legacy

Bell joined Lucid in 2021 after consulting with the EV startup for six months. Before that, Bell briefly served as Rivian's inaugural chief technology officer, having extensive experience in the mobile tech industry. Bell previously led Intel's mobile division, contributed to the launch of the Palm Pre, and spent close to two decades at Apple, where he played a pivotal role in the development of the iPhone. Bell's interim replacement will be Derrick Carty, the vice president of Lucid's platform software and an Apple veteran.

Lucid's Q1 Earnings Report of 2024

Lucid revealed Bell's departure alongside its earnings report for the first quarter of 2024, where the company incurred a loss of $680 million while delivering 1,967 units of its luxury electric sedan compared to the expected 9,000 vehicles. Lucid secured $1.0 billion in financing through a private placement to an affiliate of the PIF, demonstrating the continued and unwavering support of the PIF for the company, and concluded the quarter with a total liquidity amounting to approximately $5.03 billion.

Peter Rawlinson, CEO and CTO of Lucid, stated that two factors differentiate Lucid: their advanced, in-house technology and their partnership with the PIF, adding that their sales momentum is increasing, their cost focus is unwavering, and anticipates the Gravity to become the premier SUV globally.

The Gravity holds significant importance for Lucid's immediate future, as evidenced by the company awarding Rawlinson a $6 million cash bonus for its unveiling. While Lucid is developing a mid-size platform to rival Tesla's Model Y, this project is not expected to materialize until at least late 2026.

Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid, highlighted the company's strides in cost optimization programs, emphasizing their focus on substantial growth as they enter the next transformative phase in Lucid's end markets while maintaining rigorous cost discipline.

A conference call was held for analysts and investors on May 6 at 2:30 P.M. PT / 5:30 P.M. ET. via live webcast, which can be accessed on the Investor Relations website at ir.lucidmotors.com. After the call, a replay is available on the same website. Lucid utilizes the ir.lucidmotors.com website to disclose important non-public information and to fulfill its disclosure obligations under Regulation FD.