Lucid Appoints New CFO and Misses Q2 Deliveries in Major Executive Reshuffle
Lucid Group's Leadership Changes and Financial Performance
Executive Appointments and Departures
July 2 (Reuters) - Lucid Group missed second-quarter delivery estimates on Thursday and named Alexander De Bock as its new finance chief, the latest leadership change at the struggling electric-vehicle maker since it appointed a new CEO in April.
New CFO Appointment
De Bock will replace Taoufiq Boussaid, who has held the role since January 2025. Boussaid will support the company through its second-quarter earnings release before departing.
Background of Alexander De Bock
Automotive finance veteran De Bock, who most recently served as finance chief of TI Automotive, joins Lucid during a broader executive shakeup. His appointment follows the departure of Chief Operating Officer Marc Winterhoff last week.
CEO and CTO Changes
Winterhoff had served as Lucid's interim CEO for more than a year. In April, the EV maker appointed former Schindler chief Silvio Napoli as CEO.
As part of the leadership changes, Lucid also named Raja Ramana Macha as its new chief technology officer on Thursday.
Q2 Deliveries and Production Figures
Lucid said it delivered 3,953 vehicles and produced 4,774 in the second quarter ended June 30. Analysts at Visible Alpha had expected deliveries of 4,618 vehicles and production of 5,280 vehicles.
Production Forecast and Cost-Cutting Measures
The company suspended its 2026 production forecast in May pending a business review. It has also cut its workforce twice this year and streamlined its supply chain as Lucid seeks to conserve cash in the capital-intensive industry.
Market Challenges Facing Lucid
EV makers, including Lucid, face pressure as consumers gravitate toward lower-priced models, while competition from established automakers and new entrants weighs on margins.
Production Issues and Supply Chain Disruptions
Lucid, known for its Air luxury sedans and Gravity SUVs, has struggled with supplier disruptions and a shortage of raw materials such as aluminum and semiconductors that has slowed production ramp-ups.
Reporting Credits
(Reporting by Juby Babu in Mexico City; Editing by Sherry Jacob-Phillips)
