LISTEN: Lucid Eliminates Entire Factory Shift in Second Round of Job Cuts This Year

EV maker Lucid, for the second time this year, announced a round of job cuts aimed at advancing its “path toward profitability and positive cash flow generation.”The company said it will reduce its current U.S. workforce by approximately 18 percent, including full-time employees, contractors and hourly production workers in manufacturing. Part of the plan includes eliminating the second shift of production at its AMP-1 factory in Arizona.The cuts are reaching the C suite, too. Lucid’s Chief Operating Officer, Marc Winterhoff, will be leaving the company after his position was eliminated. But he will receive continued security support and he gets to keep his company vehicle.Lucid said it expects the restructuring to provide annualized cost savings of approximately $158 million while incurring cash charges of approximately $32 million related to severance, employee benefits and employee transition.#LucidMotors, #Lucid, #ElectricVehicles, #EV, #EVNews, #Automotive, #AutoIndustry, #Manufacturing, #ManufacturingNews, #FactoryJobs, #Layoffs, #BusinessNews, #ArizonaManufacturing, #VehicleProduction, #CleanTech