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Lucid Motors is laying off 1,500 employees, 18% of its workforce, and ending the second shift at its Casa Grande factory. The cuts follow a 12% reduction in February and aim to save $158 million. COO Marc Winterhoff is departing as the company eliminates that role under new CEO Silvio Napoli.
Lucid Motors cut 18% of its workforce, roughly 1,500 employees, and eliminated the second production shift at its Arizona factory. New CEO Silvio Napoli, who took over in April, also scrapped the COO role. The restructuring aims to save $158 million annually ahead of the sub-$50,000 Cosmos SUV launch.
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