Lucid Motors is undergoing its most significant leadership changes in years. The electric vehicle maker revealed Thursday that chief financial officer Taoufiq Boussaid will step down, marking another high-level exit since new CEO Silvio Napoli took charge in June.
Napoli, who previously worked at Stellantis, has rapidly reshaped the executive team. Last month, chief operating officer Marc Winterhoff and Emad Dlala, a top engineer with 11 years at the company, also left. Both played important roles during Lucid’s early expansion.
The company has not only seen departures but also new hires. A replacement CFO will be announced soon, while recent additions include a chief technology officer, chief customer officer, and chief transformation officer. Kay Stepper, formerly responsible for advanced driver-assistance systems, was promoted to president of Lucid Technologies and chief digital officer.
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Lucid stated the restructuring is designed to “simplify the company’s structure, sharpen accountability, and improve execution.” The changes have reduced the number of employees reporting directly to the CEO by half, which the automaker believes will speed up decision-making.
Financial performance has been a persistent challenge. Last year, the company posted a net loss of $2.7 billion, nearly matching its 2023 results. Production and deliveries showed slight improvement—4,774 vehicles built and 3,953 delivered in the latest quarter—but remain well below initial targets. The Gravity SUV, Lucid’s second model, has yet to make a significant impact due to manufacturing delays and software issues.
The automaker is counting on its upcoming Cosmos crossover, priced around $50,000, to boost sales. Production is expected to start later this year at its Saudi Arabia factory, with U.S. manufacturing planned for 2027. Competing in this segment will be difficult, as Tesla and Rivian already dominate the mid-price electric vehicle market, and Lucid’s brand awareness trails both.
Job cuts have accompanied the leadership overhaul. In February, Lucid reduced its workforce by 12%. Another 18% were laid off last month as part of cost-cutting efforts to move toward profitability. The reductions affected nearly all departments, from engineering to corporate roles.
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Execution is now the priority. Lucid’s future depends on it. The electric vehicle market has slowed, and investors are losing patience. Startups like Fisker and Lordstown have already failed under similar pressures. The company’s success hinges on whether its new leadership can scale production, control expenses, and persuade buyers that its technology justifies the premium price.
Achieving this will be difficult. The Air sedan, once praised for its innovation, has not gained widespread appeal. The Gravity SUV was meant to change that, but early reviews have been lukewarm, and software problems delayed deliveries. If the Cosmos faces similar issues, Lucid’s position could weaken further.
The Saudi-backed company still has advantages. Its partnership with the kingdom’s sovereign wealth fund provides financial stability that many rivals lack. However, time is running short. Each quarter without progress increases the pressure on Napoli and his team to deliver results.
