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

Lucid Motors is undergoing a significant leadership transformation as its new CEO, Silvio Napoli, implements changes following recent job cuts. The company announced the departure of its Chief Financial Officer, Taoufiq Boussaid, as part of a broader initiative to enhance its executive team. In a push to simplify operations, Lucid has welcomed several new executives, including a Chief Technology Officer, Chief Customer Officer, Chief Digital Officer, and Chief Transformation Officer. Napoli's strategy also involves reducing the number of direct reports he oversees, aiming to streamline decision-making processes. These shifts come shortly after Napoli stepped into the CEO role, succeeding Peter Rawlinson, who left the company unexpectedly in February 2025. The Saudi-owned electric vehicle manufacturer has faced challenges in securing large markets for its electric sedan and SUV, leading to the recent layoffs aimed at aligning production with demand. With the elimination of a second shift at its Arizona factory, Lucid expects to save approximately $158 million annually through these workforce reductions. In its latest update, Lucid reported delivering 3,953 vehicles in the second quarter, reflecting only a modest increase from the previous year and indicating that its new Gravity SUV has not met initial expectations. Meanwhile, other electric vehicle manufacturers, like Rivian, are navigating the current market dynamics more successfully, with Rivian even raising its sales forecast for 2026. Looking ahead, Lucid is preparing to launch a new, smaller SUV named Cosmos, which is anticipated to be priced around $50,000, potentially positioning it as a mass-market contender. Additionally, the company is collaborating with Nuro and Uber to introduce a luxury robotaxi service in San Francisco, with plans for expansion to Houston by 2027. Napoli emphasized that these changes are designed to enhance competitiveness and focus on key priorities such as customer satisfaction, quality, and innovation. 'We are building a new team that will transform the company,' Napoli stated, highlighting the caliber of new leadership joining Lucid.