Lucid Motors’ CFO has departed as the new CEO continues to change leadership

Lucid Motors’ new CEO continues to restructure the company after announcing hundreds of job cuts last month: The electric car maker said Thursday that its chief financial officer, Taoufik Boussaid, will leave the company.

Boussaid’s expected departure comes amid a wave of new executive appointments aimed at strengthening the company’s leadership as new Lucid CEO Silvio Napoli attempts to “simplify the company.”

Lucid said Thursday it has hired a new chief financial officer, chief technology officer, chief customer officer, chief digital officer and chief transformation officer. Napoli is also halving the number of people reporting directly to it.

All these changes come just weeks after Napoli officially took over the top role. Lucid Motors has spent more than a year trying to find a replacement for Peter Rawlinson, who abruptly resigned as CEO and chief technology officer in February 2025. The Saudi-owned company has struggled to find the kinds of big markets for its electric sedans and SUVs that it promised would exist when it went public in 2021 in a reverse merger with a special purpose acquisition company.

When it announced the layoffs last week, the company said it needed to align its “production plans with expected demand.” The company is canceling the second shift at its plant in Arizona as well. The round of layoffs, the second major workforce reduction this year, is expected to save Lucid Motors about $158 million annually.

Lucid said Thursday that 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 well as it had hoped. In contrast, other electric vehicle makers are finding ways to weather the headwinds attacking the U.S. electric vehicle market right now. Rivian, for example, raised its 2026 sales forecast earlier Thursday.

Lucid Motors is about to launch a smaller SUV called the Cosmos, which, with an expected price of around $50,000, could be its first mass-market vehicle. Meanwhile, Lucid is working with self-driving vehicle technology company Nuro and ride-hailing giant Uber to create a luxury taxi service that should launch in San Francisco later this year, potentially expanding to Houston in 2027.

Lucid Motors said the restructuring aims to “simplify the company, increase execution, and position Lucid to become more competitive over time,” though it did not say whether any of its plans would be affected.

“We are working to streamline the organization, strengthen leadership, enforce accountability, and align our structure with the most important priorities: 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 that lie ahead. We are building a new team that will transform the company.”