LCID Stock Alert: Why Lucid Motors Just Cut 400 Jobs

Lucid (NASDAQ:LCID) is trading lower after the pure-play electric vehicle (EV) company announced a restructuring plan that involves parting ways with 6% of its workforce, equivalent to about 400 jobs. Lucid expects to complete the layoffs by the end of the third quarter. According to an internal email from CEO Peter Rawlinson, hourly manufacturing and logistics employees will not be affected while other departments, including leadership and mid-level management, will be impacted. Lucid had 6,500 employees a ...