Peter Rawlinson, CEO of luxury electric vehicle maker Lucid Group, is stepping down from his position, the company announced on Feb. 25.

He will take on a new role as a strategic technical adviser to the chairman.

COO Marc Winterhoff will serve as interim CEO while a search firm looks for a permanent replacement.

Following the announcement, Lucid’s stock rose 9% in after-hours trading, reaching US$2.85.