EVwire brief: Lucid has reportedly brought in AlixPartners for restructuring advice, according to a person familiar with the matter. The consultancy has a long history steering distressed companies, including General Motors, Kmart, and Enron, through bankruptcy. Neither Lucid nor AlixPartners would comment.
The timing lines up with a wholesale leadership reset under new CEO Silvio Napoli. In the month since he took the job, Napoli has trimmed Lucid's US headcount by 18% and swapped out most of the executive bench, cutting 18% of the workforce and bringing in outside hires for the CFO, CTO, and chief customer officer roles.
Lucid currently sells just two vehicles today, the Air and the Gravity, and both are luxury cars that command a premium price.
Lucid posted a net loss attributable to common stockholders of about $3.8 billion for 2025 on a GAAP diluted basis. Deliveries haven't kept pace with output this year either. In Q2 2026, the company shipped 3,953 vehicles against 4,774 built.
It ended 2025 with $4.6 billion in total liquidity, then tapped an additional $800 million from a credit line backed by majority owner Saudi Arabia's Public Investment Fund on July 6, the second such draw this year, per EV.
Lucid produced more vehicles than it sold in the second quarter.
Context:
Lucid has seen an exodus of executives over the years. EV has tallied 16 departures at the C-level, SVP, or VP rank since October 2023, essentially wiping out the leadership bench that founder Peter Rawlinson built.
Internally, Napoli has framed the cuts as the end of an era: no more building factory capacity ahead of actual demand. He's warned staff to expect a leaner company for at least the next year, with the turnaround riding almost entirely on one car.
Our take on the Lucid Cosmos (EVwire render). The Cosmos is expected to be Lucid’s first mass-market car.
The Cosmos, a midsize SUV priced under $50,000, is due to be unveiled this summer and reach production by late 2026, with Europe following in 2027. It'll roll off a line in Saudi Arabia, where majority owner Public Investment Fund has already put in more than $9 billion since 2018 and is contracted to buy 50,000 of the vehicles, plus an option on 50,000 more.
How much longer PIF keeps underwriting that bet is the real question. Lucid's stock has lost more than 99% of its value since its 2021 high, leaving the company worth around $2.3 billion, well under a third of what the Saudi fund has put in. The next data point arrives August 4, when Lucid posts its first-half results and, with them, Napoli's first real accounting of where the cash and the turnaround stand.
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