Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Lucid Group Inc (LCID) said this week it would lay off about 1,300 people, or nearly 18% of its workforce, as part of a restructuring plan.

Lucid Group’s Chief Executive Officer Peter Rawlinson said the company would communicate with all its employees over the upcoming days about the plan.

The EV maker’s US workforce will be reduced in almost every organization and level, including executives, the CEO said.

The company expects to incur between $24 million and $30 million in related expenses.

“We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time,” Lucid’s CEO said.

The EV startup expects to substantially complete the restructuring plan by the end of the second quarter.

In February, Lucid forecast full-year 2023 production well below market expectations and reported a significant decrease in orders in the fourth quarter.

The shares of Lucid Group Inc closed 7.25% ($0.59) lower at $7.55 on Nasdaq on Tuesday, while extending losses from the previous trading session.

The company’s total market cap now stands at $13.821 billion.

The shares of Lucid Group Inc have risen 10.54% so far this year, following an 82.05% slump in 2022.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Commodities trading outlook: gold set for second weekly gain, copper hits multi-month lowCommodities trading outlook: gold set for second weekly gain, copper hits multi-month low Gold remained on track to post its first back-to-back weekly advance since July as global economic uncertainty sent riskier assets falling while sparking safe-haven demand. Encouraging data from the US on Thursday limited gains, but the metal […]
  • SolarEdge Technologies to cut workforce by 400SolarEdge Technologies to cut workforce by 400 SolarEdge Technologies Inc (NASDAQ: SEDG) said on Monday that it intended to dismiss 400 employees, with 200 of them being based in Israel, as it seeks to restore profitability.The move is to affect all departments and includes cuts in […]
  • AUD/USD tumbles to 3 1/2-year lows as Australian employers cut jobsAUD/USD tumbles to 3 1/2-year lows as Australian employers cut jobs Australian dollar fell to lows unseen in 3 1/2 years against its US counterpart on Thursday, after a report said that Australian employers unexpectedly cut jobs, while the rate of unemployment in the country remained steady in […]
  • HSBC share price down, to slash 50 000 jobs in latest profitability pushHSBC share price down, to slash 50 000 jobs in latest profitability push HSBC Holdings Plc announced on Tuesday it will axe as many as 50 000 jobs as part of a global overhaul as it seeks to lean its structure and boost its sluggish performance.About half of the headcount reduction will come from selling the […]
  • Forex Market: USD/MXN daily forecastForex Market: USD/MXN daily forecast During Friday’s trading session USD/MXN traded within the range of 12.8491-12.8994 and closed at 12.8562.At 10:04 GMT today USD/MXN was gaining 0.05% for the day to trade at 12.8631. The pair touched a daily high at 12.8682 at 8:55 […]
  • Forex Market: EUR/SEK daily forecastForex Market: EUR/SEK daily forecast During Friday’s trading session EUR/SEK traded within the range of 8.9978-9.0654 and closed at 9.0585.At 6:15 GMT today EUR/SEK was losing 0.07% for the day to trade at 9.0526. The pair touched a daily low at 9.0474 at 5:45 […]