On the Dash:
- Lucid is cutting roughly 18% of its U.S. workforce and eliminating its COO role, effective immediately.
- The restructuring targets $158 million in annual savings and scraps a shift at Lucid’s main factory.
- It is Lucid’s second round of layoffs this year, following a 12% cut in February.
Lucid Group will cut about 18% of its U.S. workforce and has eliminated its chief operating officer role, with COO Marc Winterhoff departing effective immediately. The electric vehicle maker made the announcements in a regulatory filing on Monday.
Winterhoff had resumed the COO role on June 1, when Silvio Napoli took over as chief executive. Winterhoff previously served as Lucid’s interim CEO.
The layoffs affected full-time employees, contractors and hourly production workers in manufacturing. Lucid also eliminated the second shift at its AMP-1 factory, its primary production plant.Â
The cuts are part of a broader restructuring plan aimed at pushing the EV maker toward profitability and positive cash flow. It’s important to note that the company expects the plan to deliver roughly $158 million in yearly cost savings.Â
Additionally, the cut marks at least the second round of layoffs this year. In February, Lucid cut about 12% of its workforce in a separate restructuring effort.Â
In May, the company suspended its full-year guidance pending a business review under Napoli, and its net loss widened in the first quarter. A supplier issue tied to second-row seats had disrupted Gravity SUV deliveries in February.Â
