Lucid Motors’ new CEO continues to restructure the company after announcing hundreds of job cuts last month: The electric vehicle maker on Thursday said its chief financial officer, Taoufiq Boussaid, will leave the company.
Boussaid’s pending departure comes amid a flurry of new executive hires aimed at bolstering the company’s leadership as Lucid’s new CEO, Silvio Napoli, seeks to “simplify the company.”
Lucid on Thursday said it has employee new CFO, Chief Technology Officer, Chief Customer Officer, Chief Digital Officer and Chief Transformation Officer. Napoli is also halving the number of people reporting directly to him.
The company said this new leadership team “will be brought together at the company’s headquarters and manufacturing hubs to foster closer collaboration,” and as such, the senior vice presidents of revenue, marketing and the vice president of program management “will let Lucid stay closer to their families and communities.”
All these changes come just weeks after Napoli officially took over the top job. Lucid Motors has spent more than a year trying to find a replacement for Peter Rawlinson, who abruptly stepped down as CEO and CTO in February 2025. The Saudi-owned company is struggling to find the kinds of big markets for its electric sedan and SUV that it promised would exist when it went public in a 2021 reverse merger with a special purpose vehicle.
When it announced layoffs last week, the company said it needed to align its “production plans with expected demand.” The company is also eliminating a second shift at its Arizona plant. The round of layoffs, the second major reduction in its workforce this year, is expected to save Lucid Motors about $158 million a year.
On Thursday, Lucid said it delivered 3,953 vehicles in the second quarter, only slightly higher than a year earlier — a sign that its Gravity SUV hasn’t taken off as it had hoped. Instead, other EV makers are finding ways to deal with the headwinds currently hitting the US EV market. Rivian, for example, raised its 2026 sales forecast earlier Thursday.
Lucid Motors is on the verge of releasing a smaller SUV called the Cosmos, which, at an expected price of around $50,000, could be its first mass-market hit. At the same time, Lucid is working with autonomous vehicle technology company Nuro and ride-hailing giant Uber to create a luxury robotaxi service that is supposed to launch in San Francisco later this year and possibly expand to Houston in 2027.
Lucid Motors said the restructuring is intended to “simplify the company, improve execution and make Lucid more competitive over time,” though it has not said whether any of its plans will be affected.
“We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality and innovation,” Napoli said in a statement Thursday. “The caliber of leaders joining Lucid’s leadership team is a testament to the inherent value of our business and the exciting prospects ahead. We are building a new team that will transform the company.”
When you purchase through links in our articles, we may earn a small commission. This does not affect our editorial independence.
