Lucid Group To Eliminate 18% Of Its Workforce, Including Executives

(RTTNews) - Lucid Group Inc. (LCID) disclosed in a regulatory filing on Tuesday that it will eliminate 18% of its workforce, including employees and contractors, as part of a restructuring plan to reduce its operating expenses.

The Electric vehicles maker said it will communicate details of the layoffs in the next three days.

The company noted that its U.S. workforce will see reductions in nearly every organization and level, including executives.

The company is offering impacted employees a severance package that includes access to career resources, Lucid-paid healthcare coverage continuation, and acceleration of equity to help as much as possible with the transition.