LUCID Group said on Friday (May 24) it would reduce its workforce by 6 per cent, or around 400 employees, as the electric vehicle industry grapples with slower growth.
Shares of the EV maker rose around 2 per cent in premarket trading.
The company expects to incur a total of around US$21 million to US$25 million in charges related to the workforce reduction plan and expects to complete the process by the end of the third quarter of 2024.
As of December last year, Lucid had a total of around 6,500 full-time employees globally. REUTERS
