Lucid to Cut 6% of Workforce, or About 400 Employees

Lucid Group will cut about 6% of its workforce, or about 400 employees, under a restructuring plan intended to optimize operating expenses.

• Job cuts will impact employees at all levels, including leadership and mid-level management, according to an email sent to employees by CEO Peter Rawlinson
• Layoffs will not impact hourly manufacturing and logistics workforce
• Expects to substantially complete the plan by the end of 3Q
• Sees total restructuring charges of about $21 million to $25 million
  • Expects to recognize in 2Q charges of about $19 million to $23 million, with the majority to be paid by the end of ...