The brand new CEO of Lucid Motors is continuous to restructure the corporate after announcing hundreds of job cuts last month: The EV maker on Thursday stated its chief monetary officer, Taoufiq Boussaid, shall be leaving the corporate.
Boussaid’s pending departure comes amid a flurry of recent government hires meant to bolster the corporate’s management as Lucid’s new CEO Silvio Napoli tries to “simplify the corporate.”
Lucid on Thursday stated it has hired a brand new chief monetary officer, chief expertise officer, chief buyer officer, chief digital officer, and chief transformation officer. Napoli can be reducing in half the quantity of people that straight report back to him.
The corporate stated this new management crew will “come collectively on the firm’s head workplaces and manufacturing hubs to foster nearer collaboration,” and in consequence, its senior vice presidents of income, advertising, and its vice chairman of program administration “shall be leaving Lucid to stay nearer to their households and communities.”
All of those modifications come simply weeks after Napoli formally took excessive function. Lucid Motors spent greater than a yr looking for a alternative for Peter Rawlinson, who abruptly resigned as CEO and CTO in February 2025. The Saudi-owned firm has struggled to seek out the varieties of enormous markets for its electrical sedan and SUV that it promised would exist when it went public in a 2021 reverse merger with a particular objective acquisition firm.
When it introduced layoffs final week, the corporate stated it wanted to align its “manufacturing plans with anticipated demand.” The corporate is eliminating a second shift at its manufacturing unit in Arizona as nicely. The spherical of layoffs, its second main workforce discount this yr, is anticipated to save lots of Lucid Motors about $158 million yearly.
On Thursday, Lucid stated it delivered 3,953 autos within the second quarter, solely barely greater than a yr earlier — an indication that its Gravity SUV has not taken off prefer it had hoped. In distinction, different EV makers are discovering methods to navigate the headwinds assailing the U.S. electrical automobile market proper now. Rivian, for example, elevated its 2026 gross sales forecast earlier on Thursday.
Lucid Motors is on the verge of releasing a smaller SUV known as Cosmos, which, at an anticipated value of round $50,000, could possibly be its first mass-market hit. On the similar time, Lucid is working with autonomous automobile tech firm Nuro and ride-hail big Uber to create a luxurious robotaxi service that’s alleged to launch in San Francisco later this yr, and probably increase to Houston in 2027.
Lucid Motors has stated the restructuring is supposed to “simplify the corporate, sharpen execution, and place Lucid to grow to be extra aggressive over time,” although it hasn’t stated whether or not any of its plans shall be affected.
“We’re simplifying the group, strengthening management, implementing accountability and aligning our construction with the priorities that matter most: clients, high quality, and innovation,” Napoli stated in a press release on Thursday. “The caliber of leaders who’re becoming a member of the Lucid management crew is a testomony to the inherent worth of our enterprise and to the thrilling prospects forward of us. We’re constructing a brand new crew who will remodel the corporate.”
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