All posts tagged: LCID

Lucid (LCID) cuts 12% of its US workforce ahead of its ,000 EV

Lucid (LCID) cuts 12% of its US workforce ahead of its $50,000 EV

Published by skeptic

Lucid Motors (LCID) announced plans on Friday to trim 12% of its US workforce as it looks to improve profitability ahead of its next growth stage. Lucid announces plans to trim 12% of its US workforce After producing 8,412 vehicles and delivering 5,345 in the fourth quarter, Lucid was one of the bright spots in the US electric vehicle market. While many companies reported lower EV sales after the $7,500 federal tax credit expired, Lucid doubled production while deliveries rose 31% to 5,345. Despite the success, the luxury EV maker announced a new round of layoffs on Friday to cut costs and improve profitability as it prepares for its upcoming midsize platform. Advertisement – scroll for more content A Lucid spokesperson told Electrek in a statement that “Today, we implemented a 12% reduction of our current US workforce designed to streamline our organization so we can operate with greater efficiency and deliver on our commitments to gross margin improvement and long-term growth.” The spokesperson added that the layoffs do not impact hourly production workers in …

Lucid (LCID) is on track to build EVs at a second facility in 2026

Lucid (LCID) is on track to build EVs at a second facility in 2026

Published by skeptic

After overcoming major production hurdles last year, Lucid Group (LCID) is on track to begin building vehicles at a new plant in Saudi Arabia in 2026. Lucid set to begin production at new Saudi facility in 2026 Lucid opened the first car manufacturing plant in Saudi Arabia in September 2023, but so far, it has only partially assembled vehicles at the facility. That will change this year. At the Future Minerals Forum in Riyadh, Saudi Arabia’s capital, Lucid’s interim CEO Marc Winterhoff confirmed (via Bloomberg) the company is “on track” to begin full-scale production at a new facility in 2026. According to Winterhoff, Lucid has already begun moving equipment to the new location in King Abdullah Economic City (KAEC) in Jeddah, right off the Red Sea. Advertisement – scroll for more content Although he didn’t give a specific date, Winterhoff said the company will ramp up production over the next few years, aiming to reach an annual capacity of 150,000 vehicles in 2029. Lucid was the first, and still the only automaker to sell vehicles …

Lucid (LCID) EVs show up in record numbers amid year-end push

Lucid (LCID) EVs show up in record numbers amid year-end push

Published by skeptic

A record 27 car carriers were spotted at Lucid Motor’s (LCID) manufacturing plant, loaded with Gravity and Air models ready for delivery as the year-end push heats up. Lucid EVs ready for delivery amid year-end goal After cutting its production guidance for the year from 20,000 to a range of 18,000 to 20,000 following Q2 earnings, Lucid has stood by its goal. Well, for the most part. During the 53rd Annual Nasdaq Investor Conference earlier this month, interim CEO Marc Winterhoff confirmed that Lucid is still on track to hit the lower end of its production guidance for the year at around 18,000. Although Winterhoff admitted that Gravity production has not been where the company wanted it to be up to this point, he said output is ramping up at Lucid’s Casa Grande, Arizona, manufacturing plant. The electric SUV is expected to account for the majority of production and deliveries in the fourth quarter. Advertisement – scroll for more content Through the first nine months of 2025, Lucid has produced 9,966 vehicles, meaning it will need to …