Lucid Motors’ new CEO is implementing significant changes within the company following the announcement of job cuts last month. On Thursday, the electric vehicle manufacturer announced that its chief financial officer, Taoufiq Boussaid, will be leaving the organization.
Boussaid’s exit is occurring alongside a series of new executive appointments aimed at strengthening leadership as CEO Silvio Napoli seeks to simplify the company’s operations.
On Thursday, Lucid introduced a new chief financial officer, chief technology officer, chief customer officer, chief digital officer, and chief transformation officer. Additionally, Napoli is reducing the number of direct reports he manages, cutting that figure by half.
These organizational shifts come shortly after Napoli formally assumed the CEO position. Lucid Motors had spent over a year searching for a successor to Peter Rawlinson, who unexpectedly stepped down as CEO and CTO in February 2025. The Saudi-owned automaker has faced challenges in tapping into the large markets for its electric sedan and SUV that it anticipated during its 2021 public listing through a reverse merger with a special purpose acquisition company.
In announcing layoffs last week, the company explained that it needed to better align its production capabilities with expected consumer demand. Additionally, Lucid is discontinuing a second shift at its Arizona manufacturing plant. This wave of layoffs, the second significant workforce reduction in 2023, is projected to save the company approximately $158 million each year.
Lucid reported on Thursday that it delivered 3,953 vehicles in the second quarter, marking only a slight increase from the same period last year. This indicates that the anticipated success of its Gravity SUV has not yet materialized. Meanwhile, other electric vehicle manufacturers are adapting to the current challenges facing the U.S. EV market, with Rivian, for example, raising its sales forecast for 2026 earlier in the day.
Lucid Motors is set to launch a smaller SUV called Cosmos, which, with an anticipated price of around $50,000, has the potential to be its first product aimed at the mass market. Concurrently, the company is collaborating with autonomous vehicle firm Nuro and ride-hailing service Uber to develop a luxury robotaxi service expected to debut in San Francisco later this year, with plans for expansion to Houston by 2027.
Lucid has indicated that these restructuring efforts are intended to simplify operations, enhance execution, and position the company for greater competitiveness in the future, although it has not specified whether any specific plans will change.
“We are streamlining the organization, bolstering leadership, ensuring accountability, and aligning our structure with our top priorities: customers, quality, and innovation,” Napoli stated on Thursday. “The high level of leadership talent joining our team highlights the inherent value of our business and the exciting prospects that lie ahead. We are building a new team that will transform the company.”
