Monday, Lucid Group, Inc. (LCID) announced its decision to cut its U.S. workforce by approximately 18 percent as part of its plan to advance the company toward profitability and positive cash flow generation.
The layoff, which will impact full-time employees, contractors and hourly production workers in the manufacturing unit, will cost the company cash charges of approximately $32 million related to severance, employee benefits, and employee transition.
In light of this decision, Lucid has eliminated the second shift of production at its AMP-1 factory.
Expected to complete by the end of third quarter of 2026, the plan aims to streamline its organizational structure, optimize operating expenses, and align production plans with anticipated demand. It is expected to provide the company with annualized cost savings of approximately $158 million.
Concurrently, Lucid Group announced the departure of Marc Winterhoff, Chief Operating Officer, from the company, effective immediately following the elimination of the position.
Currently, LCID is trading at $5.20, down 2.99 percent on the Nasdaq.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.