Lucid to lay off roughly 18% of U.S. workforce
Lucid electric vehicles appeared at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group It said Monday it would cut its U.S. workforce by about 18% as part of a cost-savings plan.
The all-electric vehicle maker said its plan would save it about $158 million in annual costs.
The company also said Monday that chief operating officer Marc Winterhoff is leaving the company, effective immediately. Winterhoff was the company’s interim CEO until Silvio Napoli took over the top job on June 1. Lucid said the COO role has been eliminated.
Lucid’s workforce reductions include full-time employees, contractors and hourly production workers in production. filing With the Securities and Exchange Commission. The automaker had approximately 9,000 employees worldwide as of December 31.
“These are difficult decisions 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.”
In February, Lucid laid off approximately 12% of its U.S. workforce in an effort to increase profitability.
Lucid said Monday that it expects to incur cash charges of approximately $32 million related to severance pay, employee benefits and the transition of employees related to the latest cuts, according to its filing.
The automaker also said it will eliminate the second production shift at its AMP-1 plant in Arizona.
Lucid said last month that Naples would evaluate the company’s business activities. As a result, it suspended its guidance and added that it must reduce “surplus vehicle inventory,” which for automakers has historically meant reducing or idling vehicle production.
Lucid held its first investor day in nearly five years in March. At the time, it said it expected to be cash flow positive towards the end of this decade.
Although Lucid managed to increase sales and reduce losses, the company lost $2.7 billion in 2025 on $1.35 billion in revenue. Last year it had negative free cash flow of $3.8 billion, about 31% more than the previous year.
Lucid and its electric vehicle peers face a tougher market than they have in recent years due to slower-than-expected adoption of electric vehicles and changing regulations under the Trump administration. Including eliminating the $7,500 federal incentive for purchasing electric vehicles.
— CNBC’s Michael Wayland contributed to this report.
