Lucid to lay off roughly 18% of U.S. workforce, COO Marc Winterhoff leaves

Lucid Group stated Monday it’s chopping its U.S. workforce by roughly 18% as half of a cost-savings plan.

The all-electric automobile maker stated its plan would give it annualized value financial savings of roughly $158 million.

The corporate additionally stated Monday that its chief working officer, Marc Winterhoff, is leaving the corporate efficient instantly. Winterhoff was interim CEO on the firm till Silvio Napoli took excessive job on June 1. The position of COO has been eradicated, Lucid stated.

Lucid’s workforce reductions embrace full-time staff, contractors and hourly manufacturing staff in manufacturing, in accordance to a submitting with the Securities and Alternate Fee. The automaker had about 9,000 staff globally as of Dec. 31.

“These are tough choices taken to align manufacturing with demand, cut back stock, and adapt to declining market situations,” a Lucid spokesperson stated in a press release. “They’re half of a broader effort to simplify the corporate, sharpen execution, and place Lucid to change into extra aggressive over time.”

In February, Lucid laid off about 12% of its U.S. workforce in a push for profitability.

Lucid stated Monday it expects to incur money fees of roughly $32 million associated to severance, worker advantages and worker transition related to the newest cuts, in accordance to its submitting.

The automaker additionally stated it could be eliminating the second shift of manufacturing at its AMP-1 manufacturing facility in Arizona.

Lucid stated final month that Napoli could be evaluating the corporate’s enterprise operations. It suspended its steerage in consequence, including that it wants to decrease its “elevated stock” of automobiles, which for automakers has traditionally meant lowering or idling automobile manufacturing.

Lucid held its first investor day in almost 5 years in March. It stated on the time that it expects to be cash-flow constructive by later this decade.

Whereas Lucid has been in a position to improve gross sales and slender losses, the corporate misplaced $2.7 billion on income of $1.35 billion in 2025. It had damaging free money circulate of $3.8 billion final yr, roughly 31% bigger than the yr earlier.

Lucid and its electrical automobile friends are more and more dealing with a tougher market than they did lately amid slower-than-expected adoption of EVs and altering laws underneath the Trump administration, together with the elimination of a $7,500 federal incentive for buying an EV.

— CNBC’s Michael Wayland contributed to this report.