Luxury electric vehicle (EV) manufacturer Lucid Motors is set to undergo a significant restructuring, with plans to cut approximately 18% of its US workforce. This move comes as the company faces increasing competition in the burgeoning EV market and struggles to achieve profitability. In a major shake-up, Lucid's Chief Operating Officer (COO), Peter R. Winterhoff, has announced his departure from the company, further fueling speculation about the future of the EV maker. The exact reasons behind Winterhoff's exit and the implications of the workforce reduction remain unclear, but industry insiders are closely watching the developments at Lucid, which has been touted as a potential disruptor in the EV space.
EV maker Lucid to cut about 18% of US workforce, COO Winterhoff exits Reuters
