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Lucid to Cut US Workforce by 18%

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Lucid (LCID) said Monday it plans to reduce its US workforce by about 18% to optimize operating expenses and streamline its organizational structure.

The company said the plan includes eliminating the second production shift at its AMP-1 factory and aligning production plans with anticipated demand. Lucid expects the measures to generate roughly $158 million in annualized cost savings.

The automaker estimates it will incur about $32 million in cash charges related to severance, employee benefits and employee transition costs, and expects to substantially complete the plan by the end of Q3.

Lucid also said Chief Operating Officer Marc Winterhoff departed effective immediately following the elimination of the position.

Price: $5.22, Change: $-0.15, Percent Change: -2.71%

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