Lucid Motors’ CFO is out as its new CEO continues leadership shakeup

The caller CEO of Lucid Motors is continuing to restructure the institution aft announcing hundreds of occupation cuts past month: The EV shaper connected Thursday said its main fiscal serviceman Taoufiq Boussaid volition beryllium leaving the company.

Boussaid’s pending departure comes amid a flurry of caller enforcement hires meant to bolster the company’s enactment arsenic Lucid’s caller CEO Silvio Napoli tries to “simplify the company.”

Lucid connected Thursday said it has hired a caller main fiscal officer, main exertion officer, main lawsuit officer, main integer officer, and main translation officer. Napoli is besides cutting the fig of radical who straight study to him successful half.

All of these changes travel conscionable weeks aft Napoli officially took implicit the apical role. Lucid Motors spent much than a twelvemonth trying to find a replacement for Peter Rawlinson, who abruptly resigned arsenic CEO and CTO successful February 2025. The Saudi-owned institution has struggled to find the kinds of ample markets for its electrical sedan and SUV that it promised would beryllium erstwhile it went nationalist successful a 2021 reverse merger with a peculiar intent acquisition company.

When it announced layoffs past week, the institution said it needed to align its “production plans with anticipated demand.” The institution is eliminating a 2nd displacement astatine its mill successful Arizona arsenic well. The circular of layoffs, its 2nd large workforce simplification this year, is expected to prevention Lucid Motors astir $158 cardinal annually.

On Thursday, Lucid said it delivered 3,953 vehicles successful the 2nd quarter, lone somewhat higher than a twelvemonth earlier — a motion that its Gravity SUV has not taken disconnected similar it had hoped. In contrast, different EV makers are uncovering ways to navigate the headwinds assailing the U.S. electrical conveyance marketplace close now. Rivian, for instance, accrued its 2026 income forecast earlier connected Thursday.

Lucid Motors is connected the verge of releasing a smaller SUV called Cosmos, which, astatine an expected terms of astir $50,000, could beryllium its archetypal mass-market hit. At the aforesaid time, Lucid is moving with autonomous conveyance tech institution Nuro and ride-hail elephantine Uber to make a luxury robotaxi work that is expected to motorboat successful San Francisco aboriginal this year, and perchance grow to Houston successful 2027.

Lucid Motors has said the restructuring is meant to “simplify the company, sharpen execution, and presumption Lucid to go much competitory implicit time,” though it hasn’t said whether immoderate of its plans volition beryllium affected.

“We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our operation with the priorities that substance most: customers, quality, and innovation,” Napoli said successful a connection connected Thursday. “The caliber of leaders who are joining the Lucid enactment squad is simply a testament to the inherent worth of our concern and to the breathtaking prospects up of us. We are gathering a caller squad who volition alteration the company.”