New Delhi, June 22 -- Lucid Group announced on Monday it is cutting approximately 18% of its US workforce as part of a sweeping cost-reduction plan, marking the Saudi-backed electric vehicle maker's second significant round of layoffs in 2026.

The cuts, which affect full-time employees, contractors and hourly production workers in manufacturing, are expected to generate annualised savings of approximately $158 million. Lucid also confirmed the departure of Chief Operating Officer Marc Winterhoff, effective immediately, and said the COO role has been permanently eliminated.

Winterhoff had served as Lucid's interim chief executive for more than a year before Silvio Napoli formally assumed the CEO role on 1 June. Despite earlier indication...