EV maker Lucid to cut about 18% of US workforce, COO Winterhoff exits
The automaker expects $158 million in annualized savings as it aligns production with demand and completes the restructuring by the third quarter, Lucid said.
- On Monday, Lucid Group announced it is cutting approximately 1,500 U.S. workers, or 18% of its workforce, while eliminating the COO role and halting a production shift at its Casa Grande, Arizona factory.
- CEO Silvio Napoli initiated the restructuring to "simplify the company, sharpen execution, and position Lucid to become more competitive over time," aligning production with anticipated demand toward profitability.
- Lucid expects the measures to generate $158 million in annualized savings, though it anticipates $32 million in severance and transition costs following February's 12% workforce reduction.
- COO Marc Winterhoff is departing the company effective immediately as Lucid confirmed it has eliminated the COO position entirely following a string of high-profile executive exits.
- Lucid's turnaround strategy hinges on the upcoming Cosmos SUV, expected to start around $50,000, as the automaker pursues profitability amid a cooling United States electric vehicle market.
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BizTocEV Maker Lucid Announces 1,500 Job Cuts
Luxury electric vehicle manufacturer Lucid Group has announced a major restructuring plan that will reduce its U.S. workforce by approximately 1,500 employees, or about 18% of its staff, as the company intensifies efforts to improve efficiency and move closer to profitability. The restructuring includes the elimination of the chief operating officer position and operational changes at Lucid's manufacturing facility in Casa Grande, Arizona. Compa…
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Lucid layoffs today: EV maker cuts 18% of jobs, LCID stock takes a dive
Lucid Motors said it is laying off about 18% of its U.S. workforce, or around 1,500 workers, in a filing with the Securities and Exchange Commission (SEC) on Monday. The EV maker told Fast Company that today’s reductions are across many groups, including manufacturing. The luxury electric vehicle automaker had some 9,000 global employees as of December 31, CNBC reported. The layoffs are part of a restructuring and cost-cutting plan, which the co…
Lucid layoffs: 1,500 jobs cut, COO Marc Winterhoff out — EV maker has now shed nearly 30% of its workforce in 4 months
Lucid Group is cutting roughly 1,500 jobs — its second major round of layoffs in four months — as COO Marc Winterhoff exits and the US EV market continues to cool. Here is what it means for the company's future
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