Lucid Group cuts 18% of US workforce, stock slides

Investing.com -- Lucid Group (NASDAQ: LCID) announced Monday it will reduce its U.S. workforce by approximately 18% and that Chief Operating Officer Marc Winterhoff has departed the company.

The move represents the second significant executive change in recent months as the electric vehicle manufacturer works to improve profitability. The company's shares fell about 4% following the announcement.

Lucid did not disclose the exact number of employees affected by the cuts. The reductions will impact full-time employees, contractors and hourly manufacturing workers. The company employed about 9,000 people globally as of December 31. Lucid also eliminated the second shift at its AMP-1 factory, its main EV production facility.

This marks the second workforce reduction this year for Lucid. In February, the company cut 12% of its U.S. workforce to preserve cash.

The automaker has faced operational challenges, including a supplier-related problem that disrupted deliveries of its Gravity SUV in February. Last month, Lucid suspended its 2026 production outlook pending a business review.

Lucid expects the restructuring to generate approximately $32 million in severance and other employee-related charges. The company projects annualized cost savings of about $158 million.

Winterhoff served as Lucid's interim CEO for over a year after Peter Rawlinson stepped down from the position in February 2025. In April, the company appointed Silvio Napoli, former chief of Schindler, as CEO.

The company plans to rely on its Gravity SUV and an upcoming mid-size vehicle platform to drive growth. Lucid is also pursuing a robotaxi program through partnerships with Uber (NYSE: UBER) and self-driving startup Nuro.

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