Lucid Motors to Cut 18% of Workforce in Cost-Cutting Move.
TL;DR Summary
Lucid Group, the electric vehicle maker, is set to lay off around 1,300 employees, or 18% of its workforce, as part of a restructuring plan to cut costs. The company will communicate with all its employees over the next three days about the plan, which will see reductions in nearly every organization and level, including executives. Lucid expects to incur between $24 million and $30 million in related charges and complete the restructuring plan by the end of the second quarter.
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