June 22 : EV maker Lucid Group said on Monday it would cut about 18 per cent of its U.S. workforce and announced COO Marc Winterhoff had left the company, in a major shake-up aimed at boosting profitability amid growing competition.The layoffs will affect Lucid's full-time employees, contractors and hourly production workers in manufacturing, and are part of a broader restructuring plan, the company said. It also said it has scrapped the second shift at its AMP-1 factory, its primary EV production facility.Earlier this year, Lucid suspended its full-year forecast and reported its biggest revenue miss in more than four years, as a supplier-related issue disrupted deliveries of its Gravity SUV in February. Shares of the company were down 1.5 per cent in premarket trading.
EV maker Lucid to cut about 18% of US workforce, COO Winterhoff exits
June 22 : EV maker Lucid Group said on Monday it would cut about 18 per cent of its U.S. workforce and announced COO Marc Winterhoff had left the company, in a major shake-up aimed at boosting profitability amid growing competition.The layoffs will affect Lucid's full-time employees, contractors and hourly pr
TL;DRAI
Lucid cuts 18% of workforce and loses COO Winterhoff to restore profitability amid EV competition. Supply-chain disruptions in Gravity SUV revenue trigger production halt and layoffs—margin pressure typical for capital-heavy automotive startups.
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