Lucid Group said Monday it is cutting its U.S. workforce by approximately 18% as part of a cost-savings plan.

The all-electric vehicle maker said its plan would give it annualized cost savings of approximately $158 million.

The company also said Monday that its chief operating officer, Marc Winterhoff, is leaving the company effective immediately. Winterhoff was interim CEO at the company until Silvio Napoli took over the top job on June 1. The role of COO has been eliminated, Lucid said.

Lucid’s workforce reductions include full-time employees, contractors and hourly production workers in manufacturing, according to a filing with the Securities and Exchange Commission. The automaker had about 9,000 employees globally as of Dec. 31.

“These are difficult decisions taken to align production with demand, reduce inventory, and adapt to declining market conditions,” a Lucid spokesperson said in a statement. “They are part of a broader effort to simplify the company, sharpen execution, and position Lucid to become more competitive over time.”

In February, Lucid laid off about 12% of its U.S. workforce in a push for profitability.

Lucid said Monday it expects to incur cash charges of approximately $32 million related to severance, employee benefits and employee transition associated with the latest cuts, according to its filing.

The automaker also said it would be eliminating the second shift of production at its AMP-1 factory in Arizona.

Lucid said last month that Napoli would be evaluating the company’s business operations. It suspended its guidance as a result, adding that it needs to lower its “elevated inventory” of vehicles, which for automakers has historically meant decreasing or idling vehicle production.

Lucid held its first investor day in nearly five years in March. It said at the time that it expects to be cash-flow positive by later this decade.

While Lucid has been able to increase sales and narrow losses, the company lost $2.7 billion on revenue of $1.35 billion in 2025. It had negative free cash flow of $3.8 billion last year, roughly 31% larger than the year earlier.

Lucid and its electric vehicle peers are increasingly facing a more challenging market than they did in recent years amid slower-than-expected adoption of EVs and changing regulations under the Trump administration, including the elimination of a $7,500 federal incentive for purchasing an EV.

— CNBC’s Michael Wayland contributed to this report.

NEW YORK — Lucid Group expects to be cash flow positive late this decade as it plans to grow its vehicle lineup and significantly increase its software and technology offerings, the all-electric vehicle maker announced Thursday during its first investor day in nearly five years as a public company.

The EV company aims to accomplish positive cash flow generation through market expansion into midsize vehicles and robotaxis, as well as international expansion in markets such as Europe and Saudi Arabia. It also expects to achieve efficiency gains and software revenue growth with the introduction of improved advanced driver assistance systems and a new Lucid artificial intelligence assistant, executives told dozens of investors and Wall Street analysts on Thursday.

Lucid stock closed Thursday at $9.84, down 7.9%. Shares were off roughly 6% to 8% during much of the event despite the company giving its most detailed product and expansion plans to date, highlighting the tough market conditions for EV companies.

“We view the midterm and late decade targets as an important benchmark against which investors can measure LCID’s progress which will improve transparency,” Baird analyst Ben Kallo said in a Thursday investor note. “The near-term backdrop for EVs remains challenging with headwinds such as tariffs and policy muting investor sentiment.”

Lucid’s cash flow target is challenging given the automaker’s current performance and waning demand for EVs in the U.S. While Lucid has been able to increase sales and narrow losses, the company lost $2.7 billion on revenue of $1.35 billion in 2025. It had negative free cash flow of $3.8 billion in 2025, a loss that was roughly 31% larger than a year earlier.

Lucid interim CEO Marc Winterhoff — who unexpectedly took over for company founder Peter Rawlinson last year — said the company’s “north star” is “accelerating to profitability,” reiterating the investor event’s theme. He and other executives declined to disclose an exact year the company aims to be cash flow positive.

The automaker has been trying to increase investor interest in the company as it prepares to launch a new midsize vehicle at the end of this year. Its largest shareholder, Saudi Arabia’s Public Investment Fund, has also changed its investment strategy in the company from capital investment to revolving credit.

DETROIT – Lucid Group missed Wall Street’s expectations for a second consecutive quarter as the all-electric vehicle maker continues to address problems with the launch of its new flagship Gravity SUV.

The company, for a second consecutive quarter, also cut the high end of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Its original target for this year was 20,000 units. It also reduced the low end target of its capital expenditures by $100 million to between $1 billion and $1.2 billion.

Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:

• Loss per share: $2.65 adjusted vs. a loss of $2.27 expected
• Revenue: $336.6 million vs. $379.1 million expected

Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared with a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusting for one-time items including restructuring, the company lost $2.65 a share.

The company’s adjusted earnings before interest, taxes, depreciation and amortization was a loss of $717.7 million vs. an expected loss of $597.4 million, according to estimates compiled by StreetAccount. That loss widened year-over-over by 17%. Its quarterly revenue increased roughly 68% from $200 million a year earlier. 

Its quarterly revenue increased roughly 68% from $200 million a year earlier.

In addition to releasing its third-quarter results, Lucid said it has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.

The company reported total liquidity of $5.5 billion to end the quarter, including the undrawn credit line. Its cash and cash equivalents were roughly flat from the end of last year at $1.6 billion, with a total financial runway into the first half of 2027, the company said.

Lucid also said it continues to evaluate finance and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming midsize vehicle, which isn’t expected to start production until at least late next year.

Regarding Gravity, Lucid interim CEO Marc Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”

During the company’s last quarterly results in August, Winterhoff admitted there were problems with Gravity, saying the company planned to significantly increase production during the second half of the year.

Winterhoff told investors Wednesday that the company continues to believe it can achieve a significant increase in…