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“Lucid Group Cuts 12% of U.S. Workforce in Push Toward Profitability” 🚨🚨🚨

Electric vehicle maker Lucid is trimming 12% of its U.S. workforce as part of a broader effort to streamline operations and accelerate its path to profitability. The move marks the company’s third round of layoffs since March 2023, underscoring the mounting pressure facing EV startups in a competitive and capital-intensive market.

As of the end of 2024, Lucid reported approximately 6,800 employees globally. The latest reductions are aimed at improving efficiency and preserving cash as the company continues navigating production scaling challenges and softening EV demand.

Interim CEO Marc Winterhoff described the decision as “difficult but necessary” in an internal email to employees, emphasizing the need to optimize resources and enhance operational effectiveness. Lucid has been without a permanent CEO since February 2025, adding another layer of uncertainty during a critical phase for the company.

In recent months, Lucid has also taken steps to strengthen its balance sheet. Late last year, the company announced plans to raise $875 million through a private offering of convertible senior notes due in 2031. The capital raise is intended to bolster liquidity as the automaker continues investing in production, technology, and future vehicle programs.

With shares trading around $9.73, investors will be closely watching whether cost-cutting measures and fresh capital can position Lucid for sustainable growth in an increasingly crowded EV landscape.