Menu
Key Points
- EV maker Lucid is reducing its U.S. workforce by 18%.
- The company also said Chief Operating Officer Marc Winterhoff is leaving the company and the COO role has been eliminated.
- Lucid said last month that CEO Silvio Napoli would be evaluating the company's business operations.
In this article
Follow your favorite stocksCREATE FREE ACCOUNT
Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group said Monday it is cutting its U.S. workforce by approximately 18% as part of a cost-savings plan.
The all-electric vehicle maker said its plan would give it annualized cost savings of approximately $158 million.
The company also said Monday that its chief operating officer, Marc Winterhoff, is leaving the company effective immediately. Winterhoff was interim CEO at the company until Silvio Napoli took over the top job on June 1. The role of COO has been eliminated, Lucid said.
Lucid's workforce reductions include full-time employees, contractors and hourly production workers in manufacturing, according to a filing with the Securities and Exchange Commission.
"These are difficult decisions taken to align production with demand, reduce inventory, and adapt to declining market conditions," a Lucid spokesperson said in a statement. "They are part of a broader effort to simplify the company, sharpen execution, and position Lucid to become more competitive over time."
The automaker also said it would be eliminating the second shift of production at its AMP-1 factory in Arizona.
Lucid expects to incur cash charges of approximately $32 million related to severance, employee benefits and employee transition, according to its filing.
The company said last month that Napoli would be evaluating the company's business operations. It suspended its guidance as a result, adding that it needs to lower its "elevated inventory" of vehicles, which for automakers has historically meant decreasing or idling vehicle production.
Lucid held its first investor day in nearly five years in March. It said at the time that it expects to be cash-flow positive by later this decade.
While Lucid has been able to increase sales and narrow losses, the company lost $2.7 billion on revenue of $1.35 billion in 2025. It had negative free cash flow of $3.8 billion last year, roughly 31% larger than the year earlier.
— CNBC's Michael Wayland contributed to this report.
Read Original at CNBC →