Lucid Motors’ CFO is out as its new CEO continues leadership shakeup
The new CEO of Lucid Motors is continuing to restructure the company after announcing hundreds of job cuts last month: The EV maker on Thursday
The new CEO of Lucid Motors is continuing to restructure the company after announcing hundreds of job cuts last month: The EV maker on Thursday said its chief financial officer Taoufiq Boussaid will be leaving the company. Boussaid’s pending departure comes amid a flurry of new executive hires meant to bolster the company’s leadership as Lucid’s new CEO Silvio Napoli tries to “simplify the company.” Lucid on Thursday said it has hired a new chief financial officer, chief technology officer, chief customer officer, chief digital officer, and chief transformation officer. Napoli is also cutting the number of people who directly report to him in half. All of these changes come just weeks after Napoli officially took over the top role.
Lucid Motors spent more than a year trying to find a replacement for Peter Rawlinson, who abruptly resigned as CEO and CTO in February 2025. The Saudi-owned company has struggled to find the kinds of large markets for its electric sedan and SUV that it promised would exist when it went public in a 2021 reverse merger with a special purpose acquisition company. When it announced layoffs last week, the company said it needed to align its “production plans with anticipated demand.” The company is eliminating a second shift at its factory in Arizona as well. The round of layoffs, its second major workforce reduction this year, is expected to save Lucid Motors about $158 million annually. On Thursday, Lucid said it delivered 3,953 vehicles in the second quarter, only slightly higher than a year earlier — a sign that its Gravity SUV has not taken off like it had hoped.
In contrast, other EV makers are finding ways to navigate the headwinds assailing the U.S. electric vehicle market right now. Rivian, for instance, increased its 2026 sales forecast earlier on Thursday. Lucid Motors is on the verge of releasing a smaller SUV called Cosmos, which, at an expected price of around $50,000, could be its first mass-market hit. At the same time, Lucid is working with autonomous vehicle tech company Nuro and ride-hail giant Uber to create a luxury robotaxi service that is supposed to launch in San Francisco later this year, and potentially expand to Houston in 2027. Lucid Motors has said the restructuring is meant to “simplify the company, sharpen execution, and position Lucid to become more competitive over time,” though it hasn’t said whether any of its plans will be affected.
“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 in a statement on Thursday. “The caliber of leaders who are joining the Lucid leadership team is a testament to the inherent value of our business and to the exciting prospects ahead of us. We are building a new team who will transform the company.”
The BriefWire