Lucid Motors’ new CEO cuts 18% of staff to ‘simplify the company’

The latest cuts include full-time employees, contractors, and hourly production workers. The company reported having 9,000 employees globally at the end of 2025, prior to the 12% cut in February.

Lucid said the layoffs will help it align “production plans with anticipated demand,” and generate annualized savings of around $158 million. The company expects the restructuring to complete by the third quarter of this year.

Lucid will pay approximately $32 million in severance. Winterhoff, the outgoing executive, will get severance, “certain security support,” and will be able to keep his company vehicle, according to the regulatory filing.