Lucid Motors mentioned it’s shedding about 18% of its U.S. workforce, or round 1,500 staff, in a filing with the Securities and Exchange Commission (SEC) on Monday.
The EV maker advised Quick Firm that at this time’s reductions are throughout many teams, together with manufacturing. The posh electric vehicle automaker had some 9,000 international workers as of December 31, CNBC reported.
The layoffs are a part of a restructuring and cost-cutting plan, which the corporate estimates will save the EV maker $158 million yearly. The transfer comes simply 4 months after the Tesla rival cut 12% of its staff, and consists of eliminating the second manufacturing shift of its Arizona factory.
The most recent cuts will have an effect on not solely full-time workers, but in addition contractors and hourly staff, per Reuters.
Shares of the Lucid Group, Inc (Nasdaq: LCID) had been down about 4.5% in noon buying and selling on Monday on the time of this writing.
“These are tough selections taken to align manufacturing with demand, cut back stock, and adapt to declining market situations,” a Lucid spokesperson advised Quick Firm in an announcement. “They’re a part of a broader effort to simplify the corporate, sharpen execution, and place Lucid to develop into extra aggressive over time.”
The spokesperson additionally confirmed the corporate’s most up-to-date government shakeup: Chief working officer Marc Winterhoff, who lately served as interim CEO, has left the corporate. That departure comes nearly a month after new CEO Silvio Napoli took over in the beginning of the month.
Like many EV makers, Lucid has been fighting plummeting gross sales within the American market. The maker of the Lucid Air vehicles and Gravity SUV has been plagued in latest months with manufacturing and supply points affecting its Gravity SUV, and lately suspended its full-year forecast after missing first-quarter earnings estimates in Could. At subject: excessive prices and even greater competitors within the EV market, as prospects demand wanes amid much less favorable regulation below the Trump administration.
Lucid reported a Q1 2026 income of $282.5 million, lacking analyst expectations of $389.2 million.
The layoffs come simply days after Rivan Electric SUV maker lower tons of of jobs within the identify of “profitability.”
