The delivery figures represent a modest increase from the 3,309 vehicles shipped during the same period last year, yet they failed to meet market benchmarks. Alongside the production news, the manufacturer announced a sweeping reorganization of its top leadership. Chief Financial Officer Taoufiq Boussaid will depart following the release of the company's full second-quarter results, with former TI Automotive finance chief Alexander De Bock tapped to replace him.
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Lucid Shares Tumble Following Delivery Miss and Leadership Overhaul
Lucid Group shares dropped 7.5% to $6.13 on Thursday after the electric-vehicle maker reported 3,953 second-quarter deliveries, falling significantly short of the 4,952 units anticipated by Wall Street analysts. The decline pushes the company’s stock down 42% for the year as investors react to both weak output and major executive shifts.
Chief Executive Silvio Napoli is spearheading the transition, which includes appointing a new chief technology officer, Raja Ramana Macha, and several other senior executives to roles overseeing customer experience, digital transformation, and program management. The internal restructuring aims to simplify the organization and enforce accountability by halving the number of direct reports to the CEO. Napoli stated the new leadership team is tasked with transforming the company, continuing his broader strategy to reduce costs and align production schedules with current consumer demand.
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