Lucid Cutting 18% of US Staff as EV Maker Retrenches Further (2)

Lucid Group Inc. is slashing its workforce for at least the second time this year and eliminating a top executive role as part of a cost-reduction plan in the face of wavering demand for its electric vehicles.

The cuts will impact about 18% of the staff in the US, including full-time employees, contractors and hourly production workers, according to a regulatory filing Monday. Lucid expects to incur about $32 million in cash charges related to the reduction, which will save about $158 million annually going forward.

Lucid in February cut 12% of its global workforce to streamline its organization and ...