CFO Departures at Lucid Motors Amid Leadership Shakeup Under New CEO

Lucid Motors has initiated a comprehensive restructuring under its newly appointed CEO, following significant job cuts announced last month. It was revealed on Thursday that CFO Taoufiq Boussaid will be departing from the company.

Boussaid’s exit is part of a larger strategy involving new executive hires, as CEO Silvio Napoli aims to “streamline operations” within the organization.

On Thursday, Lucid announced the recruitment of a new CFO, CTO, CCO, chief digital officer, and chief transformation officer. Napoli is also planning to halve the number of direct reports to him.

The company indicated that this new leadership team will “gather at corporate headquarters and manufacturing sites to foster collaboration,” leading to the departure of several senior vice presidents in revenue, marketing, and the vice president of program management. These executives are leaving to be nearer to their families and communities.

These organizational changes come shortly after Napoli officially took over his role. Lucid Motors spent over a year searching for a successor to Peter Rawlinson, who unexpectedly resigned as CEO and CTO in February 2025. The Saudi-owned company has encountered difficulties in finding significant markets for its electric sedan and SUV, which were promised to be available following its 2021 public listing through a reverse merger with a special purpose acquisition company.

When announcing layoffs last week, the company stated it needed to realign its “production strategies with projected demand.” Lucid is also phasing out a second shift at its Arizona factory. This wave of layoffs, marking the second major reduction of the year, is expected to save the company around $158 million annually.

On Thursday, Lucid reported delivering 3,953 vehicles in the second quarter, reflecting only a slight increase from the previous year and suggesting that the Gravity SUV is not achieving the expected market traction. In contrast, other EV manufacturers are navigating the current challenges in the U.S. electric vehicle market more effectively. For instance, Rivian raised its sales forecast for 2026 earlier on Thursday.

Lucid Motors is preparing to introduce a smaller SUV named Cosmos, with an expected price around $50,000, potentially marking its first entry into the mass market. Concurrently, Lucid is partnering with the autonomous vehicle technology firm Nuro and ride-hailing leader Uber to develop a luxury robotaxi service, which aims to launch in San Francisco later this year, with potential expansion to Houston by 2027.

According to Lucid Motors, the restructuring seeks to “simplify the organization, enhance execution, and position Lucid for greater competitiveness in the future,” although the company has not specified how its objectives may be affected.

“We are simplifying the organization, strengthening leadership, ensuring accountability, and aligning our structure with our key priorities of customers, quality, and innovation,” Napoli stated on Thursday. “The caliber of leaders joining Lucid reflects the intrinsic value of our business and the promising future ahead. We are building a new team that will drive transformation within the company.”