Lucid Motors was just months away from launching its most affordable electric vehicle yet—a crossover SUV called the Cosmos, priced under $50,000. But this week, the company pushed the release back by nearly a full year to the second half of 2027. The delay is part of new CEO Silvio Napoli's strategy to avoid the quality issues that have plagued Lucid's existing models.
This marks the latest setback for the EV maker, which has struggled to expand beyond a niche customer base despite its technologically impressive—but expensive—vehicles. Napoli framed the delay as essential for the company's survival.
CEO's frank assessment
“While there is no question that Lucid brought leading innovations and outstanding products to the market, we have disappointed on several fronts, and for far too long,” Napoli said during the company's second-quarter earnings call. “We have not executed consistently. We missed commitments, launched products before they were ready, underinvested in service, responded too slowly to quality issues, and allowed complexity to slow decisions down.”
Napoli's candid remarks explain his aggressive restructuring of the company's leadership and workforce.
Leadership shakeup and cost-cutting
Several executives have departed since Napoli officially took charge on June 1, including Senior Vice President of Finance Gagan Dhingra, whose exit was disclosed in the company's second-quarter SEC filing on Tuesday. Napoli has installed an entirely new C-suite as part of a cost-cutting drive targeting $1.4 billion in savings by the end of 2026.
In June, Napoli cut 18% of Lucid's workforce, following a 12% layoff earlier in the year. He also canceled a second shift at Lucid's Arizona factory, citing lower demand—including for the Gravity SUV, which hasn't performed as expected despite its more popular body style compared to the Air sedan.
Cosmos: A delayed hope
The Cosmos was seen by many as a potential turning point. It's the first vehicle built on Lucid's next-generation "mid-size" platform, which is smaller and cheaper to produce, allowing for a lower price tag aimed at attracting a broader customer base and boosting sales volumes.
However, Napoli appears cautious about rushing the Cosmos to market, fearing that a botched launch could negate the benefits.
Though he didn't name the vehicle directly, Napoli referenced the Cosmos delay on the call, saying he wants to avoid the problems Lucid has faced with previous models—clearly alluding to the Gravity, which has suffered from build quality and software issues. At one point, things became so concerning that Napoli's predecessor, interim CEO Marc Winterhoff, publicly apologized to Lucid owners.
“We will not repeat the mistakes of the past by bringing a product to market before it is ready,” Napoli stated.
What lies ahead for Lucid?
The delay raises questions about Lucid's ability to compete in an increasingly crowded EV market, especially as rivals like Tesla, Rivian, and legacy automakers roll out more affordable options. With the Cosmos now slated for 2027, Lucid will need to sustain itself on existing models—the Air and Gravity—while managing costs and rebuilding consumer trust. The company's survival may hinge on whether Napoli's disciplined approach can finally deliver a reliable, high-quality vehicle that resonates with a wider audience.
via TechCrunch