Lucid Group is reducing its U.S. workforce by about 18% and eliminating the COO position as part of a cost-saving plan expected to save $158 million annually. COO Marc Winterhoff is leaving immediately, and the company is cutting production shifts to align with lower demand and reduce inventory. These moves come as Lucid aims to simplify operations and improve competitiveness amid financial losses, including a $2.7 billion loss on $1.35 billion revenue in 2025. Lucid plans to be cash-flow positive later this decade but is currently managing elevated inventory and declining market conditions.
Tesla's stock fell 5% to $383 amid broader market weakness and investor caution, even as Lucid and Rivian stocks showed more resilience. The decline is notable given Tesla's usual role as a sector bellwether, suggesting company-specific concerns like...
Lucid Group is reducing its US workforce by about 18% to save $158 million annually as part of cost-cutting efforts. The cuts include full-time employees, contractors, and hourly staff, and the company is also eliminating its COO role and a second pr...
Lucid Motors is laying off about 1,500 employees, or 18% of its workforce, and has eliminated the second shift at its Arizona EV factory. These moves come just months after a previous 12% staff cut and are part of new CEO Silvio Napoli's strategy to ...
