Lucid Group, Inc. (LCID) To Cut About 18% of US Workforce

Lucid Group, Inc. (NASDAQ:LCID) is one of the 10 Most Promising EV Stocks to Buy According to Analysts.

On June 22, Reuters reported that ​​Lucid Group, Inc. (NASDAQ:LCID) will cut about 18% of its US workforce, and Chief Operating Officer Marc Winterhoff has left the company. It is the second major executive change in recent months as the EV maker works to improve profitability amid intensifying competition. Reuters said the layoffs will affect full-time employees, contractors, and hourly manufacturing workers. The automobile firm will also eliminate the second shift at its AMP-1 production facility.

 Lucid Group, Inc. (LCID) to Cut about 18% of US workforce

According to Reuters, ​​Lucid Group, Inc. (NASDAQ:LCID) employed about 9,000 people globally as of Dec. 31, 2025. The firm expects the restructuring to generate about $158 million in annualized cost savings. It is recording roughly $32 million in severance and employee-related charges. Reuters noted that Lucid cut 12% of its US workforce in February and suspended its 2026 production outlook last month pending a business review. It continues relying on its Gravity SUV, future mid-size platform, and robotaxi partnerships with Uber and Nuro to support growth.

Lucid Group, Inc. (NASDAQ:LCID) is a technology and automobile firm. It develops the next generation of electric vehicle technology.

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