Lucid Motors is laying off about 1,500 employees, or 18% of its workforce, and has eliminated the second shift at its Arizona EV factory. These moves come just months after a previous 12% staff cut and are part of new CEO Silvio Napoli's strategy to streamline operations and improve competitiveness. The layoffs align production with lower demand as the US electric vehicle market cools. Lucid aims to launch its more affordable Lucid Cosmos SUV later this year and expand in autonomous vehicles, despite recent executive departures and restructuring costs.
Tesla's stock fell 5% to $383 amid broader market weakness and investor caution, even as Lucid and Rivian stocks showed more resilience. The decline is notable given Tesla's usual role as a sector bellwether, suggesting company-specific concerns like...
Lucid Group is reducing its US workforce by about 18% to save $158 million annually as part of cost-cutting efforts. The cuts include full-time employees, contractors, and hourly staff, and the company is also eliminating its COO role and a second pr...
Lucid Group is reducing its U.S. workforce by about 18% and eliminating the COO position as part of a cost-saving plan expected to save $158 million annually. COO Marc Winterhoff is leaving immediately, and the company is cutting production shifts to...
