By CNBC
Lucid Group said Monday it is cutting its U.S. workforce by approximately 18% as part of a cost-savings plan.
The all-electric vehicle maker said its plan would give it annualized cost savings of approximately $158 million.
The company also said Monday that its chief operating officer, Marc Winterhoff, is leaving the company effective immediately. Winterhoff was interim CEO at the company until Silvio Napoli took over the top job on June 1. The role of COO has been eliminated, Lucid said.
Lucid’s workforce reductions include full-time employees, contractors and hourly production workers in manufacturing, according to a filing with the Securities and Exchange Commission. The automaker had about 9,000 employees globally as of Dec. 31.
“These are difficult decisions taken to align production with demand, reduce inventory, and adapt to declining market conditions,” a Lucid spokesperson said in a statement. “They are part of a broader effort to simplify the company, sharpen execution, and position Lucid to become more competitive over time.”
