Lucid Lays Off 18% Of Its Workers And Cuts Production At Arizona Plant

Lucid Group laid off approximately 18% of its workforce on June 11, 2024, impacting around 400 employees. This marks the second significant reduction in staff for the electric vehicle manufacturer this year, following a previous round of layoffs in February that affected 10% of its employees. The company also announced a reduction in production at its Arizona assembly plant, citing ongoing supply chain challenges and a need to align output with demand. Lucid has been facing financial pressures, with its stock experiencing a substantial decline in value over the past year. In an effort to streamline operations and conserve capital, the company has been re-evaluating its production targets and operational costs. These measures are intended to improve Lucid's financial standing and extend its cash runway as it navigates a competitive EV market and works towards achieving profitability.