Lucid changes another top executive after missing delivery targets

Lucid Group has appointed a new chief financial officer while reporting lower-than-expected vehicle deliveries, adding another chapter to a year of major leadership changes at the electric vehicle maker.

The California-based company said Alexander De Bock will become its new Chief Financial Officer (CFO), replacing Taoufiq Boussaid, who will remain through the company’s second-quarter earnings release before leaving.

The announcement comes as Lucid faces growing pressure in the competitive Electric Vehicle (EV) Market, where lower-priced models and rising competition continue to challenge manufacturers.

Delivery miss raises investor concerns

Lucid delivered 3,953 vehicles during the second quarter ended June 30, below analyst expectations of 4,618 vehicles. The company produced 4,774 vehicles, also missing forecasts of 5,280 units.

Following the announcement, shares of Lucid Group (LCID) fell 2.3%. The stock has lost about 38% of its value so far this year.

The company said De Bock, a veteran automotive finance executive and former finance chief at TI Automotive, will lead its financial operations during a period of restructuring.

Leadership Changes and Production Challenges

The CFO appointment follows the recent departure of Chief Operating Officer Marc Winterhoff. Winterhoff had served as interim CEO for more than a year before former Schindler executive Silvio Napoli became chief executive in April.

Lucid also named Raja Ramana Macha as its new chief technology officer.

Supply Chain Management and Production Forecast Under Review

Lucid suspended its 2026 Production Forecast in May while conducting a business review. The company has also reduced its workforce twice this year and streamlined Supply Chain Management operations to conserve cash.

The maker of Air luxury sedans and Gravity SUVs continues to face supplier disruptions and shortages of key materials, including aluminum and semiconductors, which have slowed production growth.

Industry-wide pressure remains intense as consumers increasingly choose lower-cost electric vehicles while established automakers and new EV entrants compete for market share.

Read also: Lucid cuts workforce again as EV maker tries to save $158m ahead of Cosmos SUV launch