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Lucid Motors' new CEO cuts 18% of staff to 'simplify the company'
TechCrunch • • general
Key Points:
- Lucid Motors is laying off 18% of its workforce, about 1,500 employees, just four months after a previous 12% staff reduction, and has eliminated the second shift at its Arizona EV production facility.
- The layoffs are part of new CEO Silvio Napoli’s plan to simplify operations, improve execution, and enhance competitiveness amid a cooling U.S. electric vehicle market.
- Interim CEO Marc Winterhoff has left the company, and Lucid has eliminated the chief operating officer position entirely, signaling further executive restructuring.
- Lucid is preparing to launch its first mass-market vehicle, the Lucid Cosmos SUV, later this year, aiming for a starting price under $50,000 to drive profitability.
- The company expects to save $158 million annually through these cuts and restructuring, with severance costs estimated at $32 million; it continues to pursue autonomous vehicle initiatives in partnership with Uber and Nuro.
