Lucid Cuts 18 Percent of US Workforce in Cost-Saving Push

The latest round of cuts comes just four months after Lucid reduced its US workforce by 12 percent.

People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Ariz., on Sept. 28, 2021. Caitlin O'Hara/Reuters

Electric vehicle maker Lucid Motors is cutting 18 percent of its U.S. workforce as part of a cost-saving plan.

The Saudi Arabia-backed company disclosed the layoffs on Monday in a filing with the Securities and Exchange Commission, saying the reductions are expected to generate annualized cost savings of about $158 million.