Lucid Motors Overhauls C-Suite as New CEO Silvio Napoli Battles Slow Sales and Mounting Losses

Lucid Motors just lost its chief financial officer. The move marks the latest step in a sweeping leadership overhaul under Silvio Napoli, the former Schindler executive who took the helm only weeks ago. Shares of the electric-vehicle maker, already under pressure from weak demand, slipped further on the news.

Taoufiq Boussaid will depart after handing over duties. His exit comes as the company reported second-quarter deliveries of 3,953 vehicles. That figure edged past the prior year but fell short of expectations. Production reached 4,774 units. Yet the numbers tell a tougher story. The new Gravity SUV has not gained traction with buyers. Lucid pulled its full-year production outlook months earlier after a seat defect halted deliveries.

Napoli Moves Fast to Flatten Structure and Import Outside Talent

And the changes run deeper. Napoli cut the number of executives reporting directly to him in half. He brought in five new leaders across finance, technology, customer operations, digital systems, and transformation. Alexander De Bock, who steered financial turnarounds at TI Automotive, steps in as incoming CFO. Raja Ramana Macha arrives as chief technology officer. The additions signal a sharp break from the team assembled under founder Peter Rawlinson, who stepped down as CEO and chief technology officer in early 2025.

Lucid also lost several senior vice presidents in revenue, marketing, and program management. Some executives declined to relocate after the company shifted more work to Saudi Arabia, its largest backer. The restructuring follows an 18% workforce reduction announced in June. That cut, roughly 1,500 jobs, is expected to deliver $158 million in annual savings. The company eliminated a second production shift at its Arizona factory.

“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 Lucid’s official release. He added that the caliber of new leaders “is a testament to the inherent value of our business and to the exciting prospects ahead of us.”

Investors have heard similar vows before. Lucid went public through a SPAC in 2021 with grand promises of luxury electric sedans and rapid scaling. The Air sedan earned praise for its range and engineering. Real-world sales never matched the hype. First-quarter 2026 production hit 5,500 vehicles, yet deliveries lagged. Cash burn remains a constant concern even after multiple capital injections from Saudi Arabia’s Public Investment Fund.

Electrek reported that the overhaul touches nearly the entire C-suite, including new chiefs for customer experience and transformation (Electrek). Reuters noted the Q2 deliveries missed estimates while the CFO transition unfolded (Reuters). The Next Web highlighted that three senior leaders chose not to move for the Saudi-focused strategy (The Next Web).

So what comes next? Lucid plans a smaller, more affordable model called the midsize crossover or Cosmos, targeted around $50,000. Production is slated for Saudi Arabia by late 2026. The company also pursues robotaxi partnerships with Nuro and Uber. A luxury autonomous service could launch in San Francisco later this year and reach Houston in 2027. Success on those fronts could finally ease the cash drain. Failure would tighten the noose.

Napoli’s background at Schindler, where he ran global operations for elevators and escalators, differs sharply from Rawlinson’s deep automotive roots. The new CEO emphasizes speed, cost discipline, and clear accountability. Early signals show he wastes little time. The June layoffs removed the chief operating officer role entirely. Now the finance chief follows. More departures could surface as the flattened structure takes hold.

Industry watchers question whether fresh faces alone can fix Lucid’s core problems. Competition from Tesla, Rivian, and traditional automakers grows fiercer. U.S. electric-vehicle demand cooled in 2026 amid higher interest rates and range anxiety. Lucid’s premium positioning, once a strength, now limits its addressable market. The Gravity SUV’s sluggish start only adds pressure.

Still, the Saudi backing provides a buffer. PIF has poured billions into the company and its manufacturing footprint in the Kingdom. That relationship gives Lucid time to execute. But time is not infinite. Analysts tracking the stock expect continued losses. Production guidance for the full year remains suspended. The new executive team must deliver measurable progress by the end of 2026 or risk further investor skepticism.

Boussaid, who joined in early 2025, oversaw financing rounds and cost initiatives during a turbulent stretch. He will stay through the second-quarter earnings release to ensure continuity. His successor, De Bock, brings two decades of automotive finance experience focused on restructuring and operational efficiency. The hire aligns with Napoli’s stated goal of tighter financial rigor.

Lucid’s challenges mirror broader pressures across the EV sector. Legacy automakers scale back targets. Startup rivals hunt for fresh capital. Yet Lucid stands apart because of its technology edge and sovereign support. The Air’s efficiency and the upcoming models’ potential keep some analysts optimistic. Execution, however, has lagged for years.

Napoli’s rapid moves suggest he sees the current leadership and cost structure as barriers to that execution. By halving his direct reports, he aims to speed decisions. By importing proven operators from outside the EV bubble, he hopes to instill discipline. Whether those steps produce higher sales and positive cash flow will decide if Lucid survives as an independent player or becomes another cautionary tale in the electric transition.

The coming quarters will test the new team’s mettle. Deliveries must rise. The midsize model must hit its cost targets. Partnerships must convert into revenue. Anything less, and the leadership changes that dominate headlines today will look like mere prelude to harder choices ahead.