By Amira McKee

Lucid Group is laying off around 12% of its U.S. workforce as it reconfigures plans to focus on new models, expansion into robotaxis and development of other technologies.

The electric-vehicle maker said Tuesday that the layoffs, announced internally on Friday, will reduce costs by about $500 million over a three-year period.

"As we prepare for the next stage of our product and volume expansion, we are making targeted adjustments to our U.S.-based, non-manufacturing workforce to reallocate resources to support the next stage of our growth and margin progression," Chief Financial Officer Taoufiq Boussaid said.

Lucid said the company will also focus on developing advanced driver-assistance systems, as well as the sale and distribution of its current models in existing and new geographies.

The cuts exclude hourly production workers in manufacturing, logistics and quality, according to a filing with the Securities and Exchange Commission. Lucid reported having 9,000 workers globally as of Dec. 31, according to its annual report.

The job cuts came as Lucid reported a wider loss in its fourth-quarter, while revenue more than doubled. The stock, down about 64% prior to Tuesday's close, slid 5.9% to $9.34 in after-hours trading.

The company posted a loss of $814 million, or $3.62 a share, in the quarter ended Dec. 31, compared with a loss of $397.2 million, or $2.24 a share, a year earlier.

Adjusted earnings came in at $3.08 a share.

Revenue more than doubled to $522.7 million, beating Wall Street's forecast of $459.5 million, according to FactSet.

Lucid delivered 5,345 vehicles in the quarter, up 72% from the year before. The company produced 7,874 vehicles in the quarter, and nearly doubled production to 17,840 vehicles in 2025.

Total cost and expenses jumped to $1.59 billion, up from $967.4 million a year earlier.

For 2026, the automaker anticipates production of 25,000 to 27,000 vehicles. Interim Chief Executive Marc Winterhoff said Lucid is focused on making progress toward profitability in 2026.

"Q4 marked a clear step‑change in production and unit economics," Winterhoff said. "The progress we made is structural, creating a more repeatable and stable operating cadence heading into 2026."

Write to Amira McKee at amira.mckee@wsj.com

(END) Dow Jones Newswires

February 24, 2026 17:26 ET (22:26 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.