Lucid Group, Inc. (NASDAQ:LCID) shares are trending Tuesday after the company reported second-quarter production and delivery figures last Thursday alongside a sweeping leadership overhaul designed to sharpen execution and accountability.
- Lucid stock is trading at depressed levels. Where is LCID stock headed?
Q2 Production and Deliveries
Lucid produced 4,774 vehicles and delivered 3,953 during the quarter ended June 30. Q2 earnings will be reported on August 4.
Leadership Overhaul
CEO Silvio Napoli announced a broad executive shakeup designed to halve the number of direct reports to the CEO and simplify the organizational structure. Key appointments include:
Alexander De Bock joins as incoming CFO, replacing Taoufiq Boussaid, who will depart following a handover. De Bock brings more than two decades of automotive finance leadership, including a turnaround role as CFO of TI Automotive.
Raja Ramana Macha joins as CTO, most recently EVP and CTO at Eaton, where he led global innovation across multiple sectors including automotive.
Billy Hayes joins as Chief Customer Officer, effective immediately, with accountability for sales, service, marketing and regional P&L across the U.S., Middle East, and Europe. He brings more than 25 years of automotive experience including senior roles at Nissan and Stellantis.
Kay Stepper has been named President of Lucid Technologies and Chief Digital Officer, with accountability for robotaxis, AI, autonomy and ADAS. Lucid Technologies will become a distinct business unit focused on strategic partnerships and advanced technologies.
“We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation,” said Napoli.
Lucid Shares Edge Lower
LCID Price Action: At the time of publication, Lucid shares are trading 0.30% lower at $6.64, according to data from Benzinga Pro.
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