Lucid’s New CEO Overhauls the C-Suite as Q2 Deliveries Miss Estimates
July 7, 2026
Lucid Group (NASDAQ: LCID) used its second-quarter production and delivery report on July 2, 2026, to announce something bigger: a sweeping overhaul of its leadership.
About a month into the job, new CEO Silvio Napoli is replacing his chief financial officer, bringing in new technology and customer leaders, and halving the number of executives who report directly to him. The stated goal is a simpler organization that can execute.
A Broad Reset of the Executive Team
The headline move is at the top of finance. Current CFO Taoufiq Boussaid will leave after handing over to his successor, staying on to support the company through its second-quarter 2026 earnings. His incoming replacement is Alexander De Bock, a former CFO of auto-parts supplier TI Automotive with a track record in cost transformation and restructuring — closely matching the profile Lucid needs right now.
The changes go well beyond finance. Raja Ramana Macha, previously executive vice president and chief technology officer at Eaton, will join Lucid as CTO. Billy Hayes, a veteran of Nissan and Stellantis, joins as chief customer officer, effective immediately.
Lucid is also creating a new unit, Lucid Technologies, to house robotaxis, AI, autonomy, ADAS, and enterprise IT, led by Kay Stepper (formerly of Bosch and Qualcomm) as president and chief digital officer, effective immediately. Hugo Martinho joins on August 1 as chief transformation officer.
Napoli says the reshuffle is meant to sharpen accountability and align the company around customers, quality, and innovation. Halving his direct reports is the symbolic core of that move.
Q2 Deliveries Rose Year-Over-Year but Fell Short of Estimates
Alongside the leadership news, Lucid reported 4,774 vehicles produced and 3,953 delivered in the second quarter. Against the 3,309 delivered in the same quarter of 2025, that is a gain of roughly 20% (about 19.5%, or 644 vehicles). Yet the market read it as a shortfall: according to Reuters, the Visible Alpha consensus called for 5,280 vehicles produced and 4,618 deliveries, and Lucid came in below both.
A slower-than-planned ramp of the Gravity SUV weighed on the total. Lucid had already suspended its full-year 2026 production guidance in May — after Napoli had been named incoming CEO, but before he formally took over.
So the picture is a year-over-year increase that still missed expectations, with no full-year target on the table. For the first half of 2026, Lucid produced 10,274 vehicles and delivered 7,046.
About 16 Months After Rawlinson, and a Fresh Round of Layoffs in June
This is not the first jolt to Lucid’s leadership. Founder Peter Rawlinson stepped down as CEO and CTO in February 2025, and the top job stayed in flux — including a stretch under an interim CEO — until Napoli formally became CEO on June 1, 2026. He previously chaired and ran Swiss elevator maker Schindler, bringing experience running a large manufacturing organization.
On the capital side, Lucid remains closely tied to Saudi Arabia’s Public Investment Fund (PIF) through Ayar Third Investment Company, a PIF affiliate and Lucid’s majority stockholder, and the company went public in 2021 through a merger with a SPAC (special purpose acquisition company). On July 6, Lucid disclosed that it had drawn $800 million under its existing delayed-draw term loan facilities with Ayar — a move to shore up liquidity as the restructuring proceeds.
On June 22, Lucid announced a plan to cut about 18% of its U.S. workforce — including full-time employees, contractors and hourly production workers — its second reduction this year, targeting about $158 million in annualized savings and eliminating the second shift of production at its AMP-1 factory in Casa Grande, Arizona. The executive overhaul reads as the next step in rebuilding the company’s ability to execute.
The Next Growth Drivers: A Midsize EV and Robotaxis
Beyond the restructuring sit Lucid’s next bets. One is Cosmos, an SUV on Lucid’s officially announced midsize platform, whose vehicles start below $50,000 — potentially the vehicle that extends Lucid into a higher-volume premium segment.
The other is robotaxis: Lucid has partnered with autonomy startup Nuro and ride-hailing platform Uber, with a launch in the San Francisco Bay Area planned for later this year and expansion to Houston planned for mid-2027. The new Lucid Technologies unit is the home for this autonomy and AI work. For more industry context, see our article on Mobileye’s plan to run its own robotaxi service.
What This Means for Corporate Partners
This is more than a CFO swap. It is a familiar pattern: an EV startup that went public via SPAC hits the post-listing walls of volume and capital, and turns to an operations-minded CEO to simplify the organization.
Where Rawlinson was a product visionary and engineer, Napoli is an operator who has run a large industrial company — and installing a restructuring-focused CFO while halving his direct reports fits that profile.
The August 4 earnings report, and the progress of Cosmos and the robotaxi program after it, will be the better gauges of how real Lucid’s turnaround is.
Sources
Lucid — “Q2 Production and Deliveries, Leadership Actions to Improve Execution” (Investor Relations)
SEC Form 8-K / Exhibit 99.1 — Q2 2026 Production and Deliveries
SEC Form 8-K / Exhibit 99.1 — Q2 2025 results (year-over-year check)
Lucid press release (PR Newswire)
Uber — “Uber, Nuro, and Lucid to Bring Robotaxi Service to Houston in 2027” (Investor Relations)
SEC Form 8-K (June 22, 2026 — reduction of approximately 18% of U.S. workforce)
Lucid — “Lucid Details Upcoming Midsize Platform” (Investor Relations; Cosmos / pricing)
SEC Form 8-K (July 6, 2026 — $800 million draw under DDTL facilities with Ayar)
Lucid — “Silvio Napoli Assumes Role as CEO of Lucid” (June 1, 2026)
