American EV manufacturer Lucid Group, backed by Saudi Arabia's sovereign wealth fund, has appointed Taoufiq Boussaid as its new CFO.

In the new role, Boussaid will focus on streamlining strategic, operational, and financial processes to support the company’s growth and profitability.

Before Lucid, he was the group CFO at Belgium-based steel and coatings company N.V. Bekaert S.A. from 2019 to 2024. There, he led financial transformations, improved efficiency, and helped cut down debt.

Prior to that, Boussaid spent over a decade at Bombardier Transportation, working his way up to vice-president of finance for EMEA and Asia Pacific while also managing operations in France and North Africa.

Earlier in his career, Boussaid held key finance positions at United Technologies, including as CFO for their Carrier Heating Systems business in Europe.

Lucid CEO and CTO Peter Rawlinson said: “Taoufiq is joining Lucid at a pivotal time as we ramp up production of the Lucid Gravity SUV and accelerate our progress toward achieving our strategic goals.”

In a related move, interim CFO Gagan Dhingra will be promoted to senior vice president of finance and accounting, the company said.

Dhingra will continue his role as chief accounting officer, reporting to Boussaid once he assumes the CFO position.

Lucid's move to appoint Boussaid comes at a time when the company is escalating production of the Lucid Gravity SUV, aiming to broaden its market reach.

The company recently disclosed production and delivery figures for the quarter ending 31 December 2024.

It reported  3,386 vehicles produced and 3,099 delivered, approximately 7% of which were subject to operating lease accounting.

For the full year of 2024, Lucid produced 9,029 vehicles and delivered 10,241, with around 5% under operating lease accounting.