Reported 5 months ago
Lucid Group (LCID) is cutting 400 jobs, or about 6% of its workforce, as part of a restructuring effort, following a previous cut of 1,300 positions. This move comes ahead of the release of Lucid's Gravity SUV later this year. The company is expected to incur charges of about $21 to $25 million from this restructuring plan. This decision reflects the challenges faced by Lucid and other EV manufacturers amid a slowdown in EV adoption and consumer spending due to high interest rates.
Source: YAHOO