Lucid Motors Continues Restructuring After Job Cuts
The new CEO of Lucid Motors is continuing to restructure the company after announcing hundreds of job cuts last month.
Executive Changes and New Leadership Team
The EV maker on Thursday said its chief financial officer, Taoufiq Boussaid, will be leaving the company. Lucid has hired a new chief financial officer, chief technology officer, chief customer officer, chief digital officer, and chief transformation officer.
Simplification and Cost-Saving Measures
Napoli is also cutting in half the number of people who directly report to him. The company said this new leadership team will “come together at the company’s head offices and manufacturing hubs to foster closer collaboration.”
Challenges and Future Plans
The company is eliminating a second shift at its factory in Arizona as well. The round of layoffs is expected to save Lucid Motors about $158 million annually.
Lucid Motors is also working on a smaller SUV called Cosmos and a luxury robotaxi service with Nuro and Uber.
The company claims the restructuring is meant to “simplify the company, sharpen execution, and position Lucid to become more competitive over time.”
