June 25, 2024

Lucid to lay off 400 employees amid challenging EV market conditions

Lucid Group Inc. is set to trim approximately 400 positions in the upcoming months, in an effort to streamline operations amidst a challenging market for electric vehicles. This downsizing represents a 6% reduction in the company’s workforce, and is expected to be finalized by the end of the third quarter, as per regulatory filings.


1. Why is Lucid Group Inc. cutting jobs?

Lucid Group Inc. is reducing its workforce in response to market conditions and to ensure long-term sustainability.


Overall, Lucid Group Inc.’s decision to eliminate 400 jobs reflects the company’s commitment to adapting to changing market dynamics and maintaining competitiveness in the electric vehicle industry.

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