Lucid lays off 1,500 workers in second big cut of the year
Summary
Lucid Motors is laying off about 1,500 workers, which is 18% of its staff, as part of efforts to reduce costs and become profitable. This follows earlier layoffs in February and includes ending the second work shift at its factory in Arizona.Key Facts
- Lucid Motors is cutting 1,500 jobs, or 18% of its workforce.
- Earlier in the year, the company also laid off 12% of its employees.
- The layoffs aim to help Lucid become profitable and improve cash flow.
- Lucid is ending the second work shift at its factory in Casa Grande, Arizona.
- These changes are expected to save the company $158 million after costs.
- The company will pay $32 million for severance and employee benefits.
- Marc Winterhoff, the chief operating officer who became acting CEO in February, will leave the company.
- Lucid has a new CEO, Silvio Napoli, and is removing the COO role.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.