Lucid CEO Napoli drives cost cuts and mid-range vehicle development forward

Image: Lucid

Electric vehicle manufacturer Lucid has ended its partnership with restructuring advisor AlixPartners. CEO Silvio Napoli said in a Bloomberg interview cited by Automotive News that the consultancy was brought in as the U.S.-based company aims to cut costs by $1.4 billion this year. Napoli is also conducting an operational review of the company to optimize operations, reduce expenses, and ensure the successful launch of new mid-range electric vehicles.

"It's a challenging time, and hard medicine had to be taken early on," said Napoli. The automaker continues to operate in a difficult environment following a turbulent 2025, marked by production issues, supply chain shortages, and significant changes in trade and electric vehicle policies under the Trump administration.

At the same time, oil prices have risen due to the ongoing war in Iran, which could bring new customers to Lucid. The company is also trying to sell more vehicles to the growing global robotaxi industry. Napoli, who took over leadership earlier this year, has already implemented sweeping cost cuts, management changes, and layoffs, as Lucid faces weak consumer demand in the U.S.

Recently, Lucid announced an agreement with the European ride-hailing service Bolt. Under this deal, at least 25,000 autonomous vehicles based on Lucid’s upcoming mid-size platform are set to be deployed in European cities. In April, the company had already announced partnerships with Uber and Nuro to deploy autonomous Lucid Gravity SUVs and upcoming mid-size electric vehicles on the Uber platform.

In its home market, Lucid offers its first model, the Air, as well as the luxury SUV Gravity introduced later. The brand’s first mid-size model and potentially additional vehicles in this segment sharing the same platform are also expected to come to Europe.

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Thomas Langenbucher is an expert in electromobility with professional experience in the automotive industry and finance sector. Since 2011, he has been covering electric vehicles, sustainable technologies, and mobility solutions for ecomento.de. Learn more.

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