Lucid Motors is changing CEOs for the first time in nearly six years. The company announced Tuesday that Peter Rawlinson is stepping down from the CEO and CTO roles that he’s held since before the company went public. Rawlinson has also left Lucid’s board, according to a regulatory filing.

Lucid appointed its chief operating officer Marc Winterhoff as its interim CEO. Rawlinson will serve as “strategic technical advisor” to Turqi Alnowaiser, who is chairman of the board and a top executive at Saudi Arabia’s sovereign wealth fund — Lucid’s majority owner. The leadership change comes at a critical time for Lucid Motors, which just launched its Gravity SUV late last year. Lucid Motors has high hopes for the electric SUV. The company’s first vehicle — the Air sedan — has struggled to come anywhere near the sales targets it once projected when it went public in 2021. The Gravity is still in the process of being slowly rolled out to early customers, employees, and other people close to the company. “Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid,” Rawlinson said in a statement. “I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years. We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility.” Rawlinson can occupy the advisor role until February 2027, and will receive a “monthly payment of $120,000 for services rendered,” along with a complimentary Lucid EV, health insurance, a $2 million stock grant, and more, according to a regulatory filing. Rawlinson came to Lucid Motors in 2013 back when it was still known as Atieva, and was primarily focused on developing battery packs and other EV powertrain components. He had previously been employed at Tesla as the chief engineer of the Model S sedan — a fact that Tesla CEO Elon Musk has repeatedly tried to obscure. Lucid announced Rawlinson’s transition alongside its financial results for the fourth quarter of 2024, as well as for the full year. The company ultimately delivered 10,241 EVs across 2024, up from just 6,001 in 2023. That generated $808 million in revenue, up from $595 million in 2023. But Lucid still lost a whopping $2.7 billion last year. It lost $2.8 billion in 2023. Lucid said Tuesday that it plans to double production to around 20,000 EVs in 2025. Lucid finished the year with $1.6 billion in cash and equivalents. It repeatedly tapped Saudi Arabia for billions in funding throughout 2024 to help stay afloat until the launch of the Gravity — despite Rawlinson telling the Financial Times last March that he felt it was “dangerous” to behave like the Kingdom was a source of “bottomless wealth.” Winterhoff said on a conference call Tuesday that Rawlinson “will not be part of the day-to-day business,” and said the former CEO will only be involved if Lucid’s chairman asks. “If there are questions arising and the chairman thinks it is worthwhile to involve Peter, then he will, but it’s up to the discretion of the chairman to have that interaction,” Winterhoff said. Rawlinson was not part of the call — something that analyst John Murphy from Bank of America called out as odd. “I’m just curious, you know, why Peter isn’t present, and why you would make an announcement like this without a successor?” he asked. “I know it’s a tough question, but I mean, it’s the one that everybody’s thinking.” “I think we clearly announced that Peter made the decision that after 12 years, it’s now a good time to pass the baton,” Winterhoff said.

The S&P 500 Index ($SPX) (SPY) on Tuesday closed down -0.47%, the Dow Jones Industrials Index ($DOWI) (DIA) rose +0.37%, and the Nasdaq 100 Index ($IUXX) (QQQ) fell by -1.24%. March E-mini S&P futures (ESH25) fell -0.42%, and March E-mini Nasdaq futures (NQH25) fell -1.20%. Tech stocks were weak again Tuesday, dragging the rest of the stock market lower. The Nasdaq 100 index on Tuesday fell -1.24%, adding to the losses of -2.06% last Friday and -1.11% on Monday. There was a risk-off tenor in the markets due to tariff risks and concern about the US economy with Tuesday’s sharp drop in US consumer confidence. Some chip stocks also showed weakness on reports that the Trump administration is preparing new restrictions on chip sales to China. By contrast, the US stock market saw underlying support from Tuesday’s sharp -11 bp decline in the 10-year T-note yield. Tuesday’s Feb Conference Board US consumer confidence index fell sharply by -7.0 points to an 8-month low of 98.3, much weaker than expectations for a decline to 102.5.  The -7.0 point drop was the largest drop in 2-1/2 years and was the third consecutive monthly decline. Cryptocurrency prices fell sharply with the risk-off tenor in the markets.  Bitcoin (^BTCUSD) fell more than -6%, and Ether (^ETHUSD) fell more than -5%, adding to Monday’s loss of -6%.  In addition to the risk-off environment, the crypto sector was hurt by last week’s news of the massive $1.5 billion Ether hack of the Bybit crypto exchange, and a memecoin scandal involving Argentina President Milei. The Trump administration plans to tighten chip controls on China and is also pressuring European and Asian countries to tighten restrictions on selling chips and chip-making equipment to China, according to a report Tuesday by Bloomberg.  The administration is also considering sanctions on specific Chinese companies to restrict China’s ability to build a domestic chip industry for supporting AI and military capabilities. President Trump on Monday afternoon, at a joint press conference with French President Macron, said that US tariffs on imports from Mexico and Canada will go ahead “on time, on schedule.” Mr. Trump delayed the tariffs by a month until March 4 due to new border measures implemented by both Canada and Mexico.  Mr. Trump on Monday also said he plans to go ahead with the “reciprocal tariffs” that he previously said would be ready by April 1.  Separately, President Trump recently issued a memorandum to the US Committee on Foreign Investment in the US (CFIUS) instructing the Committee to limit China’s ability to invest in key US sectors such as technology, food, farmland, minerals, natural resources, ports, and shipping terminals. US home prices showed solid increases in December.  The Dec S&P Corelogic US home price index rose +0.52% m/m and +4.48% y/y, slightly stronger than expectations of +0.40% m/m and +4.41% y/y, and was stronger than Nov’s revised report of +0.44% m/m and +4.35% y/y.  Meanwhile, the Dec FHFA US house price index rose +0.4% m/m and +1.4% y/y, which followed Nov’s revised report of +0.4% m/m and +0.9% y/y. Stock investors are looking ahead to Nvidia’s earnings report after Wednesday’s close.  This remainder of this week’s USeconomic calendaris busy.  Thursday’s US Q4 GDP report is expected to show an increase of +2.3% (q/q annualized), with a +4.1% increase in personal consumption.  Friday’s Jan PCE price index report, the Fed’s preferred inflation measure, is expected to ease slightly to +2.5% y/y from December’s +2.6%, and the core index is expected to ease to +2.6% y/y from December’s +2.8%. The expected Jan PCE reports of +2.5% nominal and +2.6% core would leave those measures at or above their 3-3/4 year lows posted in 2024 of +2.1% and +2.6%, respectively, and well above the Fed’s +2% inflation target. The markets are discounting the chances at 3% for a -25 bp rate cut at the next FOMC meeting on March 18-19. Overseas stock markets Tuesday closed lower.  The Euro Stoxx 50 fell -0.11%.  China’s Shanghai Composite Index closed down -0.80%.  Japan’s Nikkei Stock 225 closed down -1.39%. Interest Rates March 10-year T-notes (ZNH25) rose +22 ticks.  The 10-year T-note yield fell by -10.8 bp to 4.293%.  March T-note prices fell on Tuesday’s weak US consumer confidence report and on increased safe-haven demand tied to weakness in tech stocks and cryptocurrencies. T-note prices were undercut by supply overhang as the Treasury sold $70 billion of 5-year T-notes on Tuesday.  On Wednesday, the Treasury will sell $28 billion of floating-rate 2-year T-notes and $44 billion of 7-year T-notes. European bond yields fell on Tuesday.  The 10-year German bund yield fell -2.0 bp to 2.458%.  The 10-year UK gilt yield fell -5.5 bp to 4.509%. Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at the March 6 policy meeting. US Stock Movers All the Magnificent Seven stocks closed lower on Tuesday.  Tesla (TSLA) was the largest loser of the Magnificent Seven, with a loss of more than -8% on reports that Tesla sales in Europe in January tanked by -45% y/y while overall European EV sales rose +37%. Some chip stocks traded lower Tuesday on reports that the Trump administration is planning new restrictions on chip sales to China. Also, Nvidia (NVDA) fell more than -3% and showed volatility ahead of its earnings report after Wednesday’s close.  Marvell Technology (MRVL) and Intel (INTC) fell by more than -5%. Crypto stocks traded lower on Tuesday with the sharp sell-off in cryptocurrencies.  MicroStrategy (MSTR) fell more than -11%, MARA Holdings (MARA) fell more than -10%, and Coinbase (COIN) and Riot Platforms (RIOT) fell more than -6%. Restaurant stocks were in the spotlight after the National Restaurant Association Tuesday urged President Trump in a letter to exempt food and drinks from tariffs, which could total as much as $12 billion and cut profits for small restaurant owners by as much as 30%.  Darden Restaurants (DRI), Texas Roadhouse (TXRH), and Wingstop (WING) rose by more than +1%, but the Cheesecake Factory (CAKE) fell -1.2%. Home Depot (HD) rose more than +2% after management said it expects comparable sales to rise +1% in the fiscal year through January 2026, although the company expects continued consumer caution on large home improvement projects. Zoom Communications (ZM) fell by more than -8% after negative management guidance. Eli Lilly (LLY) rose more than +2% after the pharma company cut prices for its obesity drug Zepbound To combat competition. Krispy Kreme (DNUT) plunged -22% after disappointing revenue guidance. Earnings Reports (2/26/2025) Verisk Analytics Inc (VRSK), NRG Energy Inc (NRG), Lowe’s Cos Inc (LOW), TJX Cos Inc/The (TJX), Invitation Homes Inc (INVH), Agilent Technologies Inc (A), APA Corp (APA), Universal Health Services Inc (UHS), Synopsys Inc (SNPS), eBay Inc (EBAY), NVIDIA Corp (NVDA), FirstEnergy Corp (FE), Salesforce Inc (CRM), Paramount Global (PARA).

The Starbucks drink menu is getting an overhaul next week. The coffee chain will remove some of its less popular hot, cold and blended drinks starting March 4 in an effort to speed up service and lighten the load on baristas. Big orders with complicated modifications have made it difficult for baristas to keep up, leading to dissatisfied customers and a decline in company sales, Bloomberg reported. “As part of our plan to get back to Starbucks, we’re simplifying our menu to focus on fewer, more popular items, executed with excellence,” Starbucks told Today.com. “This will make way for innovation, help reduce wait times, improve quality and consistency, and align with our core identity as a coffee company.” The decision is part of chief executive officer Brian Niccol’s overall goal to streamline company operations. In a letter to employees Monday, Niccol announced there will be layoffs for 1,100 global corporate employees. The layoffs won’t impact store baristas. “Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,” Niccol said in the letter.

Which 13 drinks are getting cut from the menu?

These are the drinks being eighty-sixed, along with an alternative suggested by Starbucks: ❌ Iced Matcha Lemonade ➡️ Alternative: Iced Green Tea Lemonade, which has similar citrus and grassy flavors. ❌ Espresso Frappuccino and Caffè Vanilla Frappuccino ➡️ Alternative: Coffee Frappuccino, which is a blend of coffee, milk and ice. Customers can also add espresso or syrup. ❌ White Chocolate Mocha Frappuccino ➡️ Alternative: Mocha Frappuccino. ❌ Java Chip Frappuccino ➡️ Alternative: Mocha Cookie Crumble Frappuccino, which also has little chocolate morsels with a similar texture. ❌ Chai Crème Frappuccino, Caramel Ribbon Crunch Crème Frappuccino, Double Chocolaty Chip Crème Frappuccino, Chocolate Cookie Crumble Crème Frappuccino and White Chocolate Crème Frappuccino ➡️ Alternatives: Vanilla Bean Crème Frappuccino, which can have flavorings added, or Strawberry Crème Frappuccino. ❌ White Hot Chocolate ➡️ Alternative: Hot Chocolate can be customized with Mocha or White Chocolate Mocha sauce. ❌ Royal English Breakfast Latte ➡️ Alternative: London Fog Latte. ❌ Honey Almondmilk Flat White ➡️ Alternative: Flat White, which can be made with any nondairy milk and preferred sweetener.

Some additional changes in the works

Be prepared for even more drinks — and food items — to be nixed by the end of the fiscal year in September as the company strives to hit its goal of eliminating 30% of its U.S. menu. Some elements of mobile ordering have also recently changed. A maximum of 12 items per order is now in place, down from 15. And the ability to customize certain items, like adding lemonade or milk to a Refresher, has been removed because those options are already on the menu. Niccol has also pledged to improve the customer experience by getting back to the company’s coffeehouse roots and making stores feel cozier, with handwritten notes on cups and ceramic mugs for “to stay” orders.

Wall Street is gearing up for Nvidia’s (NVDA) fourth quarter earnings results to come out this Wednesday, February 26. However, not all expert investors are so bullish on the semiconductor manufacturer. The Bahnsen Group CIO David Bahnsen sits down with Catalysts hosts Seana Smith and Madison Mills along with Yahoo Finance executive editor Brian Sozzi to present why he is bearish on the chip giant, weighing in on Nvidia’s valuation and growth expectations. “If you compare its earnings multiple to some of the other AI companies, let alone other Mag Seven and, of course, other S&P names, it’s at an incredible premium. Now, I agree it’s earned it, I agree it’s deserved it and generated the order flow,” Bahnsen explains. “But one of the key things that was said… it’s just simply untrue that it’s a monopoly. Nobody in their right mind thinks Nvidia is a monopoly. There’s tons of competition, but all the earnings multiple estimates are based on them never having competition.