Electric vehicle manufacturer Lucid Motors plans to lay off hundreds of workers as part of a cost control initiative amid weakening EV demand.
On May 24, Lucid announced a restructuring plan to “optimize” the company’s operating expenses by reducing its current workforce by roughly 400 employees, or around six percent of the total, according to an SEC filing. The restructuring is expected to be completed by the end of Q3, with the company incurring $21-$25 million in charges connected with the plan. Many of the expenses will go toward severance payments, employee benefits, employee transition, and stock-based compensation. The payments are estimated to be made by the third quarter.
