Shares of Lucid Group slid after the electric-vehicle manufacturer delivered fewer vehicles in the second quarter than analysts expected and announced a series of leadership transitions.
The stock fell 7.5% to $6.13 on Thursday. Shares are down 42% year to date.
Lucid said it delivered 3,953 vehicles in the second quarter, compared with 3,309 vehicle deliveries a year earlier. The metric missed consensus estimates of 4,952 deliveries, according to Baird analysts.
The company also disclosed several leadership changes, including the departure of Chief Financial Officer Taoufiq Boussaid, who is set to leave the company after it reports second quarter results. He will be succeeded by Alexander De Bock, who was previously CFO of TI Automotive, where he helped lead a turnaround focused on cutting costs and restructuring, Lucid said.
Lucid also made a series of other appointments. The company named Raja Ramana Macha as chief technology officer, a position Macha previously held at Eaton. Lucid additionally appointed Billy Hayes as chief customer officer, Hugo Martinho as chief transformation officer, Kay Stepper as president of Lucid Technologies and chief digital officer, and Christian Appel as vice president, program management.
The company said its rejiggered leadership team aims to simplify the organization and enforce accountability. The changes halve the number of direct reports to Chief Executive Silvio Napoli, the company said.
"We are building a new team who will transform the company," Napoli said.
Under Napoli, the company has been working to streamline its structure, reduce costs and align production with anticipated demand.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
July 02, 2026 11:57 ET (15:57 GMT)
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