Lucid slashes US workforce amid cost-cutting push

Lucid Group Inc (NASDAQ:LCID) is reducing its United States workforce by astir 18% arsenic portion of a broader cost-cutting inaugural aimed astatine improving ratio and aligning accumulation with demand, the electrical conveyance shaper announced connected Monday.

The institution said the restructuring is expected to make astir $158 cardinal successful annualized outgo savings. The reductions see full-time employees, contractors, and hourly manufacturing staff, according to a filing with the US Securities and Exchange Commission.

As portion of the changes, Lucid besides confirmed that its main operating serviceman (COO), Marc Winterhoff, is leaving the institution effectual immediately. The COO relation has been eliminated. Winterhoff antecedently served arsenic interim CEO until Silvio Napoli assumed the position connected June 1.

The automaker besides said it volition destruct the 2nd accumulation displacement astatine its AMP-1 installation successful Arizona, a determination that is expected to further align output with existent demand.

The institution expects to incur astir $32 cardinal successful currency charges related to severance and worker modulation costs.

Lucid said the workforce reductions bespeak efforts to set accumulation levels, trim inventory, and respond to softer marketplace conditions.

"These are hard decisions taken to align accumulation with demand, trim inventory, and accommodate to declining marketplace conditions," a Lucid spokesperson said successful a statement. "They are portion of a broader effort to simplify the company, sharpen execution, and presumption Lucid to go much competitory implicit time."

Lucid has continued to standard its deliveries portion narrowing losses, but continues to look fiscal challenges. The institution reported a nett nonaccomplishment of $2.7 cardinal connected $1.35 cardinal successful gross successful 2025, alongside antagonistic escaped currency travel of $3.8 billion.

Shares of Lucid traded down much than 3% astatine astir $5 connected the news.