Lucid Motors Replaces CFO as CEO Silvio Napoli Pushes Leadership Overhaul

Lucid Motors is continuing its leadership restructuring under newly appointed CEO Silvio Napoli. After announcing hundreds of job cuts last month, the electric vehicle manufacturer revealed on Thursday that its chief financial officer, Taoufiq Boussaid, will also be departing.

Boussaid’s upcoming exit is part of a broader executive reshuffle aimed at strengthening Lucid’s leadership team and supporting Napoli’s strategy to simplify the organisation and improve its operational structure.

Alongside the CFO change, Lucid announced the appointment of several senior executives, including a new chief financial officer, chief technology officer, chief customer officer, chief digital officer, and chief transformation officer. The company also said Napoli is reducing the number of executives who report directly to him by half.

According to Lucid, the newly assembled leadership team will work together from the company’s headquarters and manufacturing facilities to encourage closer collaboration. As part of the restructuring, the senior vice presidents responsible for revenue and marketing, along with the vice president of programme management, will leave the company to remain closer to their families and local communities.

These leadership changes come only weeks after Napoli officially assumed the role of chief executive. Lucid had spent more than a year searching for a successor to Peter Rawlinson, who unexpectedly stepped down as both CEO and chief technology officer in February 2025. The Saudi-backed automaker has struggled to achieve the broad market demand for its luxury electric sedan and SUV lineup that it projected when it went public via a special purpose acquisition company (SPAC) merger in 2021.

When Lucid announced layoffs last week, the company explained that the reductions were necessary better to align its production plans with expected customer demand. The company is also eliminating a second production shift at its manufacturing plant in Arizona. This latest round of workforce reductions, the second major set of layoffs this year, is expected to reduce annual costs by approximately $158 million.

On Thursday, Lucid also reported second-quarter deliveries of 3,953 vehicles, only a slight increase compared with the same period last year. The figures suggest that its Gravity SUV has yet to achieve the level of market success the company had anticipated. Meanwhile, several competing electric vehicle manufacturers are showing stronger momentum despite the current challenges affecting the U.S. EV market. Rivian, for example, raised its 2026 sales forecast earlier on Thursday.

Lucid is now preparing to introduce a smaller SUV known as the Cosmos. Expected to carry a starting price of around $50,000, the model could become the company’s first vehicle to appeal to a broader mass-market audience. At the same time, Lucid continues to work with autonomous driving technology company Nuro and ride-hailing platform Uber to develop a premium robotaxi service, expected to launch in San Francisco later this year before potentially expanding to Houston in 2027.

The automaker has said the ongoing restructuring is designed to simplify the organisation, improve execution, and position Lucid to compete more effectively over the long term. However, the company has not indicated whether the changes will alter any of its existing products or business plans.

“We are simplifying the organisation, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation,” Napoli said in a statement released on Thursday. “The calibre 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 that will transform the company.”