Lucid cuts 18% of US workforce, eliminates COO role amid restructuring
Lucid Group announced an 18% reduction of its U.S. workforce, including full-time employees, contractors, and hourly manufacturing workers, as part of a cost-savings plan expected to generate $158 million annually. The company also eliminated the COO role, with Marc Winterhoff departing immediately, and halted the second production shift at its Arizona AMP-1 factory. The moves follow a net loss of $1.02 billion in Q1 2026 and declining demand, with new CEO Silvio Napoli tasked with turning around the struggling EV maker.
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Lucid Motors CFO Departs as New CEO Continues Leadership Restructuring
Lucid Motors announced on July 2, 2026, that CFO Taoufiq Boussaid is leaving the company as part of a broader leadership shakeup under new CEO Silvio Napoli. Napoli, who took over after Peter Rawlinson's abrupt resignation in February 2025, is simplifying the company by cutting 18% of staff, eliminating a second shift at its Arizona factory, and reducing direct reports by half. The company hired five new executives: CFO, CTO, chief customer officer, chief digital officer, and chief transformation officer. Lucid delivered 3,953 vehicles in Q2 2026, only slightly up year-over-year, indicating the Gravity SUV has not met expectations. The company is preparing to launch a smaller, more affordable SUV called Cosmos (around $50,000) and is working with Nuro and Uber on a luxury robotaxi service in San Francisco. The restructuring aims to save $158 million annually and sharpen execution.
Yahoo FinanceTesla Rival Lucid Cuts Nearly One-Fifth of Workforce Amid EV Market Shift
Lucid Motors, a Tesla rival, announced on June 22, 2026, that it is cutting 18% of its U.S. workforce—more than 1,400 employees—as part of a plan to save approximately $158 million in annualized costs. The layoffs affect full-time employees, contractors, and hourly production workers, including the elimination of the second production shift at its AMP-1 factory in Casa Grande, Arizona. Chief Operating Officer Marc Winterhoff also departed as the position was eliminated. The company recently appointed Silvio Napoli as CEO. These cuts follow a 12% layoff in February 2026 and the departure of former CEO Peter Rawlinson in early 2025. The restructuring comes amid a broader slowdown in U.S. EV sales, with market share falling to 5.7% in Q4 2025 after the expiration of federal tax credits. Lucid, however, achieved a record 1.8% market share during that period.
Yahoo FinanceTesla rival Lucid forced to cut 18% of workforce amid EV market slowdown
Lucid Group, a Tesla rival in the electric vehicle market, announced it is laying off 18% of its U.S. workforce—over 1,400 employees—as part of a cost-cutting plan to save about $158 million annually. The layoffs include elimination of the second production shift at its Arizona factory and the departure of COO Marc Winterhoff. The move comes after a tough 2025 for U.S. EV sales, which plummeted in Q4 following the expiration of the $7,500 tax credit, causing market share to fall to 5.7%. Despite Tesla benefitting from the shift with 58.9% market share, Lucid's 1.8% share (its best ever) remains precarious. This is the second major layoff for Lucid in 2026, following a 12% cut in February, and the company has seen leadership departures including former CEO Peter Rawlinson in early 2025.
Yahoo FinanceLucid cuts 18% of US workforce amid restructuring
Lucid Group announced a reduction of approximately 18% of its US workforce, affecting full-time employees, contractors, and hourly manufacturing workers. The electric vehicle maker also removed the second production shift at its AMP-1 facility and eliminated the COO role, leading to the immediate departure of Marc Winterhoff. The restructuring is expected to deliver annualized cost savings of about $158 million, with cash charges of around $32 million for severance and benefits. The plan is expected to be substantially completed by the end of Q3 2026. The moves come as Lucid reported a net loss of $1.02 billion for Q1 2026, significantly wider than the $366.2 million loss a year earlier, despite a 20% revenue increase to $282.4 million and a 149% rise in vehicle production.
Yahoo FinanceLCID Stock Layoffs: Lucid Cuts 18% of U.S. Workforce, COO Departs
Lucid Group (LCID) announced a major corporate restructuring on June 22, 2026, including cutting its U.S. workforce by 18% and eliminating the second production shift at its AMP-1 facility in Arizona. The luxury EV maker also confirmed the departure of COO Marc Winterhoff, who had served as interim CEO until April. The moves signal a demand slowdown and operational retreat, as the company recently suspended its 2026 production outlook due to supplier bottlenecks for its Gravity SUV. While the restructuring is expected to generate $158 million in annualized savings, it will incur $32 million in immediate severance costs. Lucid stock has fallen nearly 55% since the start of the year. Despite bearish signals, Wall Street analysts see a potential upside of over 100% from the current price, with a mean target of $10.84.
Yahoo FinanceLucid cuts 18% of US workforce, eliminates COO role amid restructuring
Lucid Motors, the luxury electric vehicle maker, announced plans to cut approximately 18% of its US workforce, including full-time employees, contractors, and hourly manufacturing workers at its Arizona factory. The restructuring also eliminates the Chief Operating Officer position, leading to the departure of COO Marc Winterhoff, who had previously served as interim CEO. The company expects the cuts to generate about $158 million in annualized cost savings as it aims to 'simplify the company' and 'sharpen execution' amid declining market conditions. Lucid will also eliminate the second production shift at its AMP-1 plant to align production with demand. The announcement comes after a period of significant upheaval, including the abrupt resignation of longtime CEO Peter Rawlinson in February 2025 and the departure of several other top executives. New CEO Silvio Napoli, former head of elevator maker Schindler Group, now faces the challenge of launching the Cosmos sub-$50,000 SUV and pursuing robotaxi ambitions.
All Content from Business InsiderLucid to Lay Off 18% of U.S. Workforce, COO Marc Winterhoff Departs
Lucid Group announced on June 22, 2026, that it will cut about 18% of its U.S. workforce, including full-time employees, contractors, and hourly production workers, as part of a cost-savings plan expected to yield annualized savings of approximately $158 million. The company also said COO Marc Winterhoff is leaving immediately and the role has been eliminated. The cuts follow a 12% workforce reduction in February 2026 and come as CEO Silvio Napoli evaluates business operations amid declining market conditions, elevated inventory, and the elimination of a federal EV tax credit. Lucid will also end the second production shift at its Arizona AMP-1 factory. The company lost $2.7 billion on $1.35 billion in revenue in 2025, with negative free cash flow of $3.8 billion.
US Top News and AnalysisLucid slashes US workforce amid cost-cutting push
Lucid Group Inc announced an 18% reduction of its U.S. workforce as part of a cost-cutting drive to improve efficiency and align production with softening demand. The cuts include full-time employees, contractors, and hourly manufacturing staff, generating an estimated $158 million in annualized savings. The company also eliminated the COO role, with Marc Winterhoff departing immediately. The second production shift at its AMP-1 facility in Arizona will be halted to further align output with demand. Lucid expects ~$32 million in cash charges for severance and transitions. The EV maker reported a net loss of $2.7 billion on $1.35 billion revenue in 2025 with negative free cash flow of $3.8 billion. Shares fell over 3% to about $5 following the news.
Yahoo FinanceLucid Slashes US Workforce by 18% in Cost-Cutting Drive
Lucid Group Inc has announced an 18% reduction in its US workforce, including full-time employees, contractors, and hourly manufacturing staff, as part of a broader cost-cutting initiative. The electric vehicle maker expects the restructuring to generate approximately $158 million in annualized cost savings. The company also confirmed the immediate departure of COO Marc Winterhoff, whose role has been eliminated, and the cancellation of the second production shift at its AMP-1 facility in Arizona. Lucid anticipates incurring roughly $32 million in cash charges for severance and employee transition costs. The moves aim to align production with demand, reduce inventory, and respond to softer market conditions. Despite narrowing losses, Lucid reported a net loss of $2.7 billion on $1.35 billion in revenue for 2025, with negative free cash flow of $3.8 billion. Shares fell over 3% to about $5 on the news.
Yahoo FinanceLucid Motors new CEO cuts 18% of workforce in restructuring
Lucid Group announced on June 22, 2026, a plan to cut approximately 18% of its U.S. workforce, including full-time employees, contractors, and hourly production workers, as new CEO Silvio Napoli moves to reduce costs and restructure operations. The restructuring is expected to save about $158 million annually, with severance and transition costs totaling around $32 million. At its AMP-1 plant in Casa Grande, Arizona, Lucid ended a second production shift, and the chief operating officer position was eliminated, with Marc Winterhoff leaving the company. This is the second major round of cuts in 2026, following a 12% reduction in February, bringing total job cuts to approximately 2,500. The layoffs follow a turbulent period including a second-row seat defect that halted Gravity SUV shipments and caused over $200 million in revenue impairment, leading to withdrawn full-year production guidance. Lucid stock fell 1.4% in morning trading.
Yahoo FinanceLucid to lay off roughly 18% of U.S. workforce, COO Marc Winterhoff leaves
Lucid Group announced on June 22, 2026, that it is cutting approximately 18% of its U.S. workforce as part of a cost-savings plan expected to generate annualized savings of about $158 million. The electric vehicle maker also said Chief Operating Officer Marc Winterhoff is leaving immediately and the COO role has been eliminated. The workforce reductions include full-time employees, contractors, and hourly production workers in manufacturing. Lucid will also eliminate the second production shift at its AMP-1 factory. The company expects to incur about $32 million in cash charges related to severance and employee transition costs. Last month, Lucid said incoming CEO Silvio Napoli would evaluate business operations, and the company suspended its guidance, citing a need to lower elevated vehicle inventory, which typically means decreasing or idling production.
US Top News and AnalysisLucid Motors' New CEO Cuts 18% of Staff to Simplify the Company
Lucid Motors announced on June 22, 2026, that its new CEO, Silvio Napoli, is laying off 18% of the workforce (about 1,500 employees) and eliminating the second production shift at its Casa Grande, Arizona factory. This comes just four months after a 12% staff cut. The restructuring aims to simplify operations, sharpen execution, and improve competitiveness amid a cooling U.S. electric vehicle market. Interim CEO Marc Winterhoff has left the company, and the chief operating officer position has been eliminated entirely. The cuts affect full-time employees, contractors, and hourly workers, and are expected to generate annualized savings of approximately $158 million, with severance costs of about $32 million. The layoffs come as Lucid prepares to launch its first mass-market vehicle, the Cosmos SUV (under $50,000), and pursue autonomous vehicle partnerships with Uber and Nuro. The company has experienced significant executive turnover, including the abrupt resignation of longtime CEO Peter Rawlinson in February 2025.
Yahoo FinanceLucid to cut 18% of US workforce, COO Winterhoff exits amid cost pressures
Lucid Group announced on June 22, 2026, that it will cut approximately 18% of its U.S. workforce and that COO Marc Winterhoff has left the company. This marks the second major executive change in recent months, following the appointment of former Schindler CEO Silvio Napoli in April. The job cuts, which affect full-time employees, contractors, and hourly manufacturing workers, also include scrapping the second shift at its AMP-1 factory. Lucid is under pressure to reduce costs amid growing competition from established automakers and newer entrants, with consumers shifting toward lower-priced EVs. The company previously cut 12% of its U.S. workforce in February. Operational setbacks include a supplier issue that disrupted deliveries of the Gravity SUV in February and the suspension of the 2026 production outlook last month. Lucid expects the restructuring to result in $32 million in severance costs but generate annualized savings of $158 million. The company's shares fell about 4% following the announcement.
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