The brand new CEO of Lucid Motors is continuous to restructure the firm after asserting hundreds of job cuts closing month: The EV maker on Thursday acknowledged its chief financial officer, Taoufiq Boussaid, shall be leaving the firm.
Boussaid’s pending departure comes amid a flurry of contemporary govt hires intended to bolster the firm’s management as Lucid’s new CEO Silvio Napoli tries to “simplify the firm.”
Lucid on Thursday acknowledged it has hired a new chief financial officer, chief skills officer, chief customer officer, chief digital officer, and chief transformation officer. Napoli shall be cutting in half the more than just a few of oldsters that straight file to him.
The firm acknowledged this new management team will “arrive collectively on the firm’s head places of work and manufacturing hubs to foster nearer collaboration,” and which potential, its senior vice presidents of income, advertising, and its vp of program administration “shall be leaving Lucid to remain nearer to their households and communities.”
All of these changes arrive factual weeks after Napoli formally took over the tip aim. Lucid Motors spent extra than a yr within the hunt for a alternative for Peter Rawlinson, who all without extend resigned as CEO and CTO in February 2025. The Saudi-owned firm has struggled to get the types of big markets for its electrical sedan and SUV that it promised would exist when it went public in a 2021 reverse merger with a distinct cause acquisition firm.
When it announced layoffs closing week, the firm acknowledged it necessary to align its “manufacturing plans with anticipated quiz.” The firm is taking away a 2d shift at its factory in Arizona to boot. The spherical of layoffs, its 2d foremost team bargain this yr, is anticipated to save Lucid Motors about $158 million every yr.
On Thursday, Lucid acknowledged it delivered 3,953 automobiles within the 2d quarter, only pretty higher than a yr earlier — a impress that its Gravity SUV has no longer taken off like it had hoped. In distinction, diversified EV makers are discovering methods to navigate the headwinds assailing the U.S. electrical car market just now. Rivian, for instance, increased its 2026 sales forecast earlier on Thursday.
Lucid Motors is on the verge of releasing a smaller SUV known as Cosmos, which, at an anticipated label of spherical $50,000, is also its first mass-market hit. On the identical time, Lucid is working with self sustaining car tech firm Nuro and scuttle-hail big Uber to create a luxury robotaxi service that is presupposed to delivery in San Francisco later this yr, and doubtlessly create greater to Houston in 2027.
Lucid Motors has acknowledged the restructuring is meant to “simplify the firm, sharpen execution, and scrape Lucid to turn out to be extra aggressive over time,” although it hasn’t acknowledged whether or no longer any of its plans shall be affected.
“We are simplifying the group, strengthening management, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation,” Napoli acknowledged in a assertion on Thursday. “The caliber of leaders who’re becoming a member of the Lucid management team is a testament to the inherent label of our enterprise and to the inviting possibilities forward of us. We are building a new team who will transform the firm.”
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Sean O’Kane is a reporter who has spent a decade overlaying the all without extend-evolving enterprise and skills of the transportation enterprise, including Tesla and the a gigantic fluctuate of startups chasing Elon Musk. Most only lately, he changed into a reporter at Bloomberg Data the assign he helped destroy reports about about a of possibly the most infamous EV SPAC flops. He previously labored at The Verge, the assign he also lined user skills, hosted many brief- and lengthy-assemble movies, performed product and editorial images, and as soon as nearly handed out in a Crimson Bull Air Flee airplane.
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