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EV Maker Lucid to Cut 1,300 Workers

Benzinga

1 Views • Mar 29, 2023

Description

Lucid ($LCID@US) will lay off about 1,300 employees, or 18 percent of its workforce, as the struggling EV maker restructures its company and cuts costs as it increases the production of its Air luxury sedan. Lucid ended 2022 with a total cash reserve of $4.4 billion, enough to sustain its operations until the first quarter of 2024. Lucid has 28,000 reservations for the Air, but it only expects to produce 10,000 to 14,000 vehicles in 2023, falling far short of the 27,000 that Wall Street analysts expected. The company’s factory has the capacity to build about 34,000 vehicles per year. Lucid’s shares fell 7 percent by Tuesday's close.

Keywords & Tags

#ev #inflation #business #analysts #workforce #production #factory #Wall Street #vehicles #Lucid #restructuring #finance #Reservations #EV Maker Lucid to Cut 1300 Workers #layoff #cash reserve #capacity

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