The new CEO takes the first step! Lucid (LCID.US) reshapes its organizational structure, with the head of engineering stepping down.

Electric car manufacturer Lucid Group (LCID.US) Senior Vice President of Engineering and Digital, Emad Dlala, has resigned, marking the first major executive departure since Silvio Napoli took over as CEO. This personnel change comes as Napoli begins to reshape the leadership structure of the electric car maker Deluxe Corporation. Napoli was appointed CEO in April and officially took office on June 1st. Lucid stated, "Under the leadership of CEO Silvio Napoli, the company is transforming its organizational structure, accelerating innovation, and strengthening execution." As part of the restructuring, Lucid announced that Vice President of Vehicle Engineering Vivek Attaluri and Vice President of Software Marc Solsona Palomar will report directly to CEO Silvio Napoli. Dlala joined Lucid in 2015 and was involved in the development of the company's technology platform, including powertrain systems and vehicle engineering projects. In February of this year, Lucid announced the resignation of CEO Peter Rawlinson, with COO Marc Winterhoff appointed as interim CEO. Upon Napoli's official appointment, Winterhoff resumed his role as COO and reports to Napoli. Lucid has long been facing significant losses and challenges in ramping up production capacity. The financial report shows that Lucid's first-quarter revenue increased by 20.2% year-on-year to reach $282.5 million, falling short of the market's expectation of $3.585 billion; the adjusted net loss for the quarter was $28.2 million, compared to the market's general expectation of a loss of $2.3 million. By the end of the quarter on March 31, Lucid produced 5,500 cars and delivered 3,093, but analysts had previously expected production of 5,967 and delivery of 5,237. Additionally, Lucid had approximately $3.2 billion in liquidity at the end of the quarter, and at the current cash burn rate, it can only sustain operations for about two quarters. However, in April, Lucid announced that Uber Technologies, Inc. (UBER.US) made an additional $200 million investment, bringing the total investment to $500 million, while the largest shareholder, the Saudi Public Investment Fund (PIF), through its affiliate investment entity Ayar Third Investment, will invest $550 million. Lucid's stock price has been continuously declining, down 51% year-to-date, currently at around $5.15.