Lucid has found a replacement for Michael van der Sande as Managing Director for its European operations. Coming from Polestar, the German Alexander Lutz is taking over. He reports directly to Martin Winterhoff, the company’s current COO for Europe.
Alexander Lutz previously served as the head of Polestar’s operations in Italy. He was promoted to that job after establishing the Swedish-Chinese EV brand in Germany. So, the manager has a good understanding and experience in launching automotive start-ups in the age of electrification. Before Polestar, Lutz held positions at Audi and Maserati.
‘Challenging the conventional landscape’
Lucid had been looking for months to fill the void left by the Dutch manager van der Sande, who stepped down during the summer last year for “family reasons”. His tenure at Lucid was short-lived, as he held the key position only for a few months.
The EV maker hasn’t issued an official press release yet. Lutz broke the news on his LinkedIn, claiming that he aims to “advance the company’s mission of inspiring sustainable energy adoption and continuously challenging the conventional landscape in the automotive industry”. Lucid delivered its first Air units in Germany and the Netherlands in December last year. It is also present in Switzerland and Norway.
Losses piling up
As the company still has to meet its expectations, the task and challenge for Lutz aren’t to be taken lightly. Lucid is riding a rough path as deliveries in the last quarter of 2024 were down by 12% in a year-on-year comparison.
The production numbers also sank from 3 493 units in Q4 2022 to 2 391 in Q2 2023. The company’s stock quote is at an all-time low. To make matters even more daunting, the company’s CFO, Sherry House, left late last year to “pursue other opportunities”.
Lucid is expected to release its full-year results at the end of February. Despite the losses piling up, the company has enough liquidity to pursue the launch of its all-new SUV Gravity this year and secure business operations well through 2025. Lucid is majority-owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia. Aston Martin also possesses a small stake (3,7%).