Reported 6 months ago
Lucid Group is planning to reduce its U.S. workforce by 6%, affecting around 400 employees, due to softening demand for electric vehicles (EVs). This move follows other EV manufacturers like Rivian and Tesla cutting jobs amid slower industry growth and consumer preference for cheaper hybrid alternatives. Lucid's CEO stated that the layoffs will not affect manufacturing and logistics staff, with the company aiming to complete the restructuring plan by the end of the third quarter of 2024, incurring charges of $21-25 million.
Source: YAHOO