EV maker Lucid to cut about 18% of US workforce, COO Winterhoff exits
Workers marry the body structure with the battery pack and the front and rear sub frames as they assemble electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O’Hara
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
June 22 : EV maker Lucid Group said on Monday it would cut about 18 per cent of its U.S. workforce and announced COO Marc Winterhoff had left the company, in a major shake-up aimed at boosting profitability amid growing competition.
The layoffs will affect Lucid’s full-time employees, contractors and hourly production workers in manufacturing, and are part of a broader restructuring plan, the company said.
It also said it has scrapped the second shift at its AMP-1 factory, its primary EV production facility.
Earlier this year, Lucid suspended its full-year forecast and reported its biggest revenue miss in more than four years, as a supplier-related issue disrupted deliveries of its Gravity SUV in February.
Shares of the company were down 1.5 per cent in premarket trading.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
