Lucid Motors is taking another painful step to stabilize its business as the premium EV market continues to slow. Following a cash burn that pushed negative free cash flow to approximately $3.8 billion, newly appointed CEO Silvio Napoli has launched a major restructuring plan. According to the company's latest SEC filing, Lucid will eliminate another 18% of its U.S. workforce—around 1,500 jobs—just months after reducing headcount by 12% earlier this year.

The restructuring is expected to generate roughly $158 million in annual savings, but it also significantly reshapes Lucid's manufacturing operations. The company has shut down the second production shift at its AMP-1 facility in Casa Grande, Arizona, reducing planned output of both the Air luxury sedan and the recently introduced Gravity SUV. Leadership has also undergone major changes, including the elimination of the Chief Operating Officer role after Marc Winterhoff's departure, while several experienced engineering specialists have left the company. Despite these challenges, Lucid says it remains committed to unveiling the new Cosmos midsize crossover—expected to start below $50,000—later this summer as it looks to broaden its appeal and compete more directly with Tesla.

Can Lucid's restructuring and upcoming lower-priced Cosmos crossover secure the company's future, or is the luxury EV startup facing an even tougher road ahead?

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