Lucid Group will reduce its U.S. workforce by approximately 18% under a restructuring plan the electric vehicle maker says is designed to advance its path toward profitability and positive cash flow. The company disclosed the plan this week in a regulatory filing that also eliminated its chief operating officer position. Lucid expects the restructuring to deliver about $158 million in annualized cost savings against roughly $32 million in one-time cash charges, and to be substantially complete by the end of the third quarter of 2026.
Highlights
- The reduction affects approximately 18% of Lucid’s current U.S. workforce, spanning full-time employees, contractors, and hourly production workers in manufacturing.
- The company eliminated the second shift of production at its AMP-1 factory as part of the reduction.
- Lucid projects about $158 million in annualized cost savings against approximately $32 million in cash charges tied to severance, employee benefits, and transition.
- COO Marc Winterhoff departed effective immediately following elimination of the role; the plan is expected to be substantially complete by the end of Q3 2026.
What the Restructuring Plan Includes
The plan cuts roughly 18% of Lucid’s U.S. workforce, covering full-time employees, contractors, and hourly production workers in manufacturing. As part of the reduction, the company eliminated the second shift of production at its AMP-1 factory. Lucid said the actions are intended to streamline its organizational structure, optimize operating expenses, and align production plans with anticipated demand.
The company estimates approximately $32 million in cash charges related to severance, employee benefits, and employee transition, and projects about $158 million in annualized cost savings once the plan is in place. Lucid expects to substantially complete the plan by the end of the third quarter of 2026, subject to local law and consultation requirements.
Chief Operating Officer Role Eliminated
Lucid also eliminated the chief operating officer position. Marc Winterhoff, who held the role, departed the company effective immediately following the elimination. He is eligible for severance benefits under the company’s Executive Severance Plan, and Lucid agreed to provide continued security support and to let him retain his company vehicle.
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