Lucid Motors CFO Departs as New CEO Continues Leadership Overhaul

Lucid Motors is undergoing a sweeping leadership shakeup under new CEO Silvio Napoli, with CFO Taoufiq Boussaid departing and five new C-suite hires aimed at simplifying the company and sharpening execution. The restructuring follows recent layoffs of 18% of the workforce and elimination of a production shift.

Leadership overhaul

CFO Taoufiq Boussaid will leave after a transition period through Q2 earnings, replaced by Alexander De Bock, former CFO of TI Automotive Source: The Next Web. Lucid also hired a new chief technology officer, chief customer officer, chief digital officer, and chief transformation officer Source: TechCrunch. Napoli is cutting in half the number of direct reports to foster collaboration, and three senior leaders are leaving rather than relocating to headquarters Source: The Next Web.

Cost-cutting and production

Last month, Lucid cut 1,500 jobs, saving about $158 million annually, and eliminated a second shift at its Arizona factory Source: TechCrunch. The company delivered 3,953 vehicles in Q2, up slightly from 3,309 a year earlier, but production of 4,774 suggests demand for the Gravity SUV is not surging Source: The Next Web. In contrast, Rivian delivered 12,194 vehicles and raised its full-year forecast to 65,000–70,000 Source: The Next Web.

Future bets

Lucid is pinning hopes on two initiatives: the smaller Cosmos SUV, expected around $50,000, which would be its first mass-market vehicle, and a luxury robotaxi service developed with Uber and Nuro, with employee testing in San Francisco Source: The Next Web. "We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation," Napoli said Source: TechCrunch.