Lucid (LCID) Announces Second Round of U.S. Layoffs in 2026, Stock Plummets

Lucid Group has revealed plans to cut approximately 18% of its U.S. workforce, marking its second round of layoffs this year. The reductions span full-time employees, contractors, and hourly production workers, with the company anticipating annual cost savings of $158 million. Lucid's stock fell 3.6% on the news, extending its year-to-date decline to 50%.

The EV maker has suspended its 2026 production guidance and eliminated the second shift at its Arizona factory. Chief Operating Officer Marc Winterhoff has departed effective immediately, with the COO role being discontinued. These measures follow February's workforce reduction of 12%, aimed at saving $500 million over three years.

Market conditions continue to challenge electric vehicle manufacturers, with Lucid taking aggressive steps to align production with softening demand. The company maintains approximately 9,000 global employees after these cuts, having recorded $32 million in severance-related charges.