The EV maker aims to cut costs and align production with demand after posting a $1.02bn net loss for Q1 2026.
Lucid Group will reduce its US workforce by approximately 18%, affecting full-time employees, contractors, and hourly manufacturing workers. The move is expected to deliver $158m in annualised cost savings, with $32m in cash charges for severance and transition support. The restructuring includes eliminating a second production shift at its AMP-1 facility and follows the departure of COO Marc Winterhoff.
The company reported a $1.02bn net loss for the quarter ended 31 March 2026, widening from a $366.2m loss a year earlier. Revenue rose 20% year-on-year to $282.4m, while vehicle production surged 149%. Operational losses increased to $989.4m from $691.9m in the prior-year period.
Lucid stated the restructuring is part of its strategy to achieve profitability and positive cash flow, optimising costs and production capacity to match market demand.