• Lucid Motors Lucid Lucid (LCID) is cutting 12% of its US workforce ahead of its $50,000 midsize EV Lucid Motors(LCID) announced plans on Friday to trim 12% of its US workforce as it looks to improve profitability ahead of its next growth stage. • Lucid announces plans to trim 12% of its US workforce After producing 8,412 vehicles and delivering 5,345 inthe fourth quarter, Lucid was one of the bright spots in the US electric vehicle market. • While many companies reported lower EV sales after the $7,500 federal tax credit expired, Lucid doubled production while deliveries rose 31% to 5,345. • Despite the success, the luxury EV maker announced a new round of layoffs on Friday to cut costs and improve profitability as it prepares for its upcoming midsize platform. • A Lucid spokesperson toldElectrekin a statement that “Today, we implemented a 12% reduction of our current US workforce designed to streamline our organization so we can operate with greater efficiency and deliver on our commitments to gross margin improvement and long-term growth.” The spokesperson added that the layoffs do not impact hourly production workers in Arizona. • While the reductions are being implemented across the company, the spokesperson said Lucid’s “core priorities remain unchanged.” “We are focusing on the start of production of our Midsize platform, further expanding into the robotaxi market, continuing our ADAS and software development, and growing sales of Lucid Gravity and Air across existing and new geographies,” Lucid’s spokesperson toldElectrek.
Article Summaries:
- Lucid Motors announced a 12 % reduction of its U.S. workforce to boost profitability as it prepares to launch a new midsize electric vehicle platform. The company produced 8,412 cars and delivered 5,345 in Q4, a 31 % increase in deliveries, yet it is trimming staff to streamline operations. The layoffs do not affect hourly production workers in Arizona. Lucid’s focus remains on the upcoming midsize platform-priced around $50,000 with three body styles-alongside expansion into the robotaxi market, ADAS and software development, and sales of its Gravity and Air models. The company will detail its roadmap at Investor Day on March 12.
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