Lucid to cut 1,300 workers amid signs of flagging demand for its EVs
Publishing timestamp: 2023-03-28 20:13:43
Summary
Lucid Motors plans to cut about 18% of its workforce, or roughly 1300 employees, as part of a larger restructuring to reduce costs as it works to ramp up production of its Air luxury sedan. The company expects to take charges of $24 million to $30 million related to job cuts, most of that in the first quarter of 2023. The news of job cuts caused Lucid's shares to close down over 7% on Tuesday. The struggling EV maker has been facing challenges in converting early reservations to sold orders and may be struggling to meet internal expectations.
Sentiment: NEGATIVE
Keywords: layoffs, transportation, technology, business news, lucid diagnostics inc, lucid group inc, climate, jobs,
Source: https://www.cnbc.com/2023/03/28/lucid-to-cut-1300-workers.html