Lucid Motors has delayed the release of its affordable electric vehicle, the Cosmos EV, to the second half of 2027. The decision is part of a cost-cutting mission aimed at achieving $1.4 billion in savings by the end of this year. CEO Silvio Napoli has taken an axe to the company's leadership structure and overall workforce, replacing outgoing executives with a new C-suite. The company has also cut 18% of its overall workforce and canceled a second shift at its factory in Arizona.
Lucid Motors Delays Affordable EV Release to 2027
UKPulse Local DeskLucid Motors has delayed the release of its affordable electric vehicle, the Cosmos EV, to the second half of 2027. The decision is part of a cost-cutting mission aimed at achieving $1.4 billion in savings by the end of this year.
- The Cosmos EV was initially set to release in 2026 but has been delayed to 2027.
- Lucid Motors' new CEO, Silvio Napoli, has taken an axe to the company's leadership structure and overall workforce.
- The company aims to achieve $1.4 billion in savings by the end of this year.
Why this matters: The delay may disappoint some customers who were hoping to buy the Cosmos EV by the end of this year, but it is also affecting Lucid's supply base.
What this means for you: If you were planning to buy the Cosmos EV, you may need to wait until 2027 for its release.