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.

Electric-vehicle maker Lucid Group said on Tuesday its Chief Executive Officer Peter Rawlinson will step down from the role, sending the company's shares up 6% in extended trading.

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.