Key facts
- Lucid Group appointed Alexander De Bock as its new Chief Financial Officer.
- Raja Ramana Macha has been named the new Chief Technology Officer.
- Taoufiq Boussaid, the current CFO, will depart the company.
- Lucid delivered 3,953 vehicles in the second quarter, missing analyst expectations of 4,618.
- The company is undergoing a significant restructuring under new CEO Silvio Napoli, including job cuts and executive hires.
- Lucid is eliminating a second shift at its Arizona factory.
Lucid Group is undergoing a significant leadership overhaul and restructuring as it continues to miss delivery targets. The electric vehicle maker announced the appointment of Alexander De Bock as its new Chief Financial Officer and Raja Ramana Macha as its new Chief Technology Officer. These changes are part of a broader effort by new CEO Silvio Napoli to simplify the company and sharpen execution.
Taoufiq Boussaid, the current CFO, is departing the company after supporting the second-quarter earnings release. The executive shakeup also includes hundreds of job cuts and a reduction in the number of direct reports to the CEO. Lucid has been struggling to find large markets for its vehicles and is facing increased competition.
In the second quarter, Lucid delivered 3,953 vehicles, falling short of analyst expectations of 4,618. The company is also eliminating a second shift at its Arizona factory, a move expected to save approximately $158 million annually. Lucid is preparing to release a smaller SUV, the Cosmos, priced around $50,000, and is collaborating on a luxury robotaxi service.