Lucid Motors Debunks Bankruptcy Rumors | Tech News

Lucid Motors shuts down bankruptcy rumors as CEO Nick Twork confirms the company has ample cash to run through next year and hasn’t even formed a committee to explore such options. Instead, they’re partnering with AlixPartners to streamline operations, following a major restructuring that included firing over 2,000 employees and bringing in a new CEO. Despite ongoing sales struggles — delivering just under 4,000 vehicles in Q2 — Lucid is preparing to launch a smaller, more affordable SUV later this year and cutting a second shift at its Arizona plant to match demand. On the upside, they’re advancing a luxury robotaxi service with Uber and Nuro, with Uber committing to buy thousands of vehicles, including upcoming Gravity SUVs. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/23d4d3f1dbbf182c