Lucid (LCID) Cuts 18% Workforce for $158 Million in Savings

AI Summary

Lucid Group (LCID) announced it will lay off approximately 18% of its U.S. workforce, amounting to an expected annualized cost saving of about $158 million. The workforce reduction includes full-time employees, contractors, and hourly production workers at the AMP-1 factory in Arizona. The company anticipates incurring cash charges of approximately $32 million related to severance and employee benefits. As of December 31, Lucid employed about 9,000 workers globally, and previously laid off 12% of its workforce earlier this year amid ongoing market challenges.