Lucid Motors cuts about 18% of its workforce as its new CEO moves to “simplify the company,” according to multiple reports. The reductions are expected to affect roughly 1,500 employees, bringing the total headcount impact beyond an earlier round of cuts. The company previously laid off about 12% of staff just four months earlier.
As part of the same effort, Lucid eliminates a production shift at its manufacturing facility in Casa Grande, Arizona. The company says the change is intended to align production plans with anticipated demand.
In addition to staffing changes and the production shift, Lucid is also scrapping its chief operating officer (COO) role, according to the outlets that describe leadership restructuring.
Lucid expects annual savings of $158 million tied to the job cuts and operational changes. The reports describe these steps as part of a broader cost-savings and restructuring plan under the leadership of its newly installed CEO.
