Lucid Group (NASDAQ: LCID) announced a restructuring plan on June 22, 2026, that includes reducing its U.S. workforce by approximately 18%, affecting full-time employees, contractors, and hourly production workers in manufacturing.

As part of the plan, the company eliminated the second production shift at its AMP-1 factory. Lucid Group expects the restructuring to generate annualized cost savings of approximately $158 million, while incurring approximately $32 million in cash charges related to severance, employee benefits, and transition costs.

The company said it expects to substantially complete the plan by the end of the third quarter of 2026, subject to local law and consultation requirements.

Lucid Group also announced the departure of Marc Winterhoff, Chief Operating Officer, effective immediately, following the elimination of the COO position. Winterhoff is eligible to receive severance benefits under the company's Executive Severance Plan. The company also agreed to provide him with continued security support and allow him to keep his company vehicle.

The company stated the plan is intended to streamline its organizational structure, optimize operating expenses, and align production plans with anticipated demand as it works toward profitability and positive cash flow generation.