Lucid Group cuts 18% of U.S. workforce, COO Winterhoff departs as second shift ends
Lucid Group (LCID) announced Monday an 18% reduction of its U.S. workforce to achieve $158 million in annualized cost savings. COO Marc Winterhoff is departing effective immediately with the COO role eliminated, and the company is ending the second production shift at its AMP-1 factory.
Lucid Group announced Monday it is cutting approximately 18% of its U.S. workforce as part of a cost-savings plan targeting annualized savings of approximately $158 million. Chief operating officer Marc Winterhoff is leaving the company effective immediately, and Lucid has eliminated the COO role entirely.
The workforce reductions include full-time employees, contractors, and hourly production workers in manufacturing, according to a filing with the Securities and Exchange Commission. Lucid is also eliminating the second shift of production at its AMP-1 factory. The company expects to incur cash charges of approximately $32 million related to severance, employee benefits, and employee transition.
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