Lucid Group plans to reduce workforce by 6% (400 jobs) due to slowing electric vehicle market.
Electric vehicle maker Lucid Group has announced plans to reduce its workforce by 6%, cutting around 400 jobs in response to a slowing market for electric vehicles. The cuts are expected to be completed by the end of the third quarter and will cost the company between $21 million and $25 million in charges. Lucid is not the only company in the EV sector to take such measures, with Tesla and Rivian also announcing layoffs in recent months.
May 24, 2024
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