Lucid Group To Reduce Approx. 400 Employees

(RTTNews) - Lucid Group (LCID) announced a restructuring plan intended to optimize the company's operating expenses through a reduction of the current employee workforce by approximately 400 employees, or approximately 6%. The company expects to substantially complete the Plan by the end of the third quarter of 2024.

The company estimates that it will incur a total of approximately $21 million to $25 million in charges in connection with the Plan. The company expects that charges of approximately $19 million to $23 million will be recognized primarily in the second quarter of 2024, with the majority of such charges anticipated to be paid by the end of the third quarter of 2024.