EV maker Lucid to cut workforce by 6%

By Thomson Reuters May 24, 2024 | 6:07 AM

(Reuters) -Lucid Group said on Friday it would reduce its workforce by 6%, or around 400 employees, as the electric vehicle industry grapples with slower growth.

Shares of the EV maker rose around 2% in premarket trading.

The company expects to incur a total of around $21 million to $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.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar)