Lucid Motors CFO Out as New CEO Silvio Napoli Reshapes Leadership
Lucid Motors is undergoing a significant leadership shakeup as its new CEO continues to restructure the company. The EV maker announced Thursday that Chief Financial Officer Taoufiq Boussaid will be leaving the company, marking another high-profile departure amid a wave of executive changes.
New Executive Hires and Simplification Effort
Boussaid’s departure comes as Lucid’s new CEO, Silvio Napoli, implements a strategy to “simplify the company.” On Thursday, Lucid announced the appointment of 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 executives who report directly to him in half.
These changes come just weeks after Napoli officially took the top role. Lucid spent over a year searching for a replacement for Peter Rawlinson, who abruptly resigned as CEO and CTO in February 2025. The Saudi-owned company has struggled to achieve the large market volumes it promised when it went public via a SPAC merger in 2021.
Layoffs and Production Adjustments
Lucid recently announced layoffs, stating the need to align “production plans with anticipated demand.” The company is eliminating a second shift at its Arizona factory. This is its second major workforce reduction in 2026 and is expected to save approximately $158 million annually.
Deliveries and New Vehicle Plans
On Thursday, Lucid reported delivering 3,953 vehicles in the second quarter, only a slight increase year-over-year, indicating that its Gravity SUV has not performed as hoped. In contrast, Rivian increased its 2026 sales forecast earlier that day. Lucid is nearing the release of a smaller SUV called Cosmos, expected to be priced around $50,000, which could become its first mass-market hit. Additionally, Lucid is collaborating with autonomous vehicle tech company Nuro and ride-hailing giant Uber to launch a luxury robotaxi service in San Francisco later this year, with potential expansion to Houston in 2027.
Company’s Stated Goals
Lucid has stated that the restructuring aims to “simplify the company, sharpen execution, and position Lucid to become more competitive over time.” Napoli said, “We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation. 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.”