Lucid to lay off roughly 18% of U.S. workforce
CNBC • • business
Key Points:
- Lucid Group announced an 18% reduction in its U.S. workforce as part of a cost-saving initiative aimed at achieving approximately $158 million in annualized savings.
- The company is eliminating the COO position, with Marc Winterhoff departing immediately; Silvio Napoli assumed the CEO role on June 1.
- Workforce cuts affect full-time employees, contractors, and hourly production workers, and the company will also eliminate the second production shift at its Arizona AMP-1 factory.
- Lucid expects to incur $32 million in charges related to severance and employee transitions, citing the need to align production with demand and reduce inventory amid declining market conditions.
- Despite increased sales, Lucid reported a $2.7 billion loss on $1.35 billion revenue in 2025 and negative free cash flow of $3.8 billion, with plans to become cash-flow positive later this decade.
