EV maker Lucid to cut about 18% of US workforce, COO Winterhoff exits

June 22 (Reuters) – EV maker Lucid Group (LCID.O), opens new tab said on Monday it would cut about 18% of its U.S. workforce and announced COO Marc Winterhoff had left the company, marking ​its second major executive change in recent months as it tries to ​boost profitability amid growing competition.

Shares of the company were down about ⁠4%.

The job cuts highlight mounting pressure on EV makers such as Lucid ​to rein in costs as consumers gravitate toward lower-priced models, while intensifying competition from ​established automakers and newer entrants weighs on profitability.

Lucid declined to provide details on the number of employees impacted. However, the company, which had about 9,000 employees globally as of December 31, ​said the cuts would affect full-time employees, contractors and hourly manufacturing workers. It ​also scrapped the second shift at its AMP-1 factory, its primary EV production facility.

In February, ‌Lucid ⁠had cut 12% of its U.S. workforce as it sought to conserve cash in an industry marked by heavy spending.

The EV maker has been grappling with operational setbacks, including a supplier-related issue that disrupted deliveries of its Gravity SUV in February. Last ​month, the company suspended its ​2026 production outlook, ⁠pending a review of the business.

The automaker has been counting on its Gravity SUV and upcoming mid-size vehicle platform to ​fuel growth, while pursuing a robotaxi rollout through partnerships with ​Uber (UBER.N), opens new tab and ⁠self-driving startup Nuro.

The restructuring will result in about $32 million in severance and other employee-related charges, while delivering annualized cost savings of approximately $158 million, Lucid said.

Winterhoff served as Lucid’s ⁠interim ​CEO for over a year after Peter Rawlinson stepped ​down from the role in February 2025. In April, the EV maker appointed former Schindler chief Silvio Napoli ​as CEO.