Lucid Group Inc Aktie News

Lucid downsized its workforce by 18% on Monday and eliminated the COO role. The company said the cuts were meant to pave the way toward profitability and positive cash flow.

Lucid Motors said it is laying off about 18% of its U.S. workforce, or around 1,500 workers in a filing with the Securities and Exchange Commission (SEC) on Monday and stressed to Fast Company today's reductions are across many groups, including manufacturing.(The luxury electric vehicle automaker had some 9,000 global as of Dec. 31, CNBC reported.

Lucid Motors plans to lay off around 18% of the company to align "production plans with anticipated demand." The cost-cutting push also reached the C-suite: Lucid has eliminated the COO role entirely.

Lucid Group Inc (NASDAQ:LCID) is reducing its United States workforce by approximately 18% as part of a broader cost-cutting initiative aimed at improving efficiency and aligning production with demand, the electric vehicle maker announced on Monday. The company said the restructuring is expected to generate about $158 million in annualized cost savings.

Lucid is cutting jobs for the second time this year as the electric-vehicle maker pushes toward profitability.

The EV manufacturer said the cuts, which include the elimination of its chief operating officer, would reduce costs by about $158 million annually.

EV maker Lucid is reducing its U.S. workforce by 18%. The company also said Chief Operating Officer Marc Winterhoff is leaving the company and the COO role has been eliminated.

Lucid Motors is laying off 18% of its workforce, or around 1,500 employees, just four months after the EV maker cut 12% of its staff. The company said on Monday that it has also “eliminated the second shift” of EV production at its factory in Casa Grande, Arizona.