EV maker Lucid to cut workforce by 6%

May 24th, 06:14:46

(Reuters) -Lucid Group said on Friday it would reduce its workforce by 6%, or around 400 employees, as the electric vehicle industry grapples with slower growth.

Shares of the EV maker rose around 2% in premarket trading.

The company expects to incur a total of around $21 million to $25 million in charges related to the workforce reduction plan and expects to complete the process by the end of the third quarter of 2024.

As of December last year, Lucid had a total of around 6,500 full-time employees globally.

https://PiQSuite.com/reuters/ev-maker-lucid-to-cut-workforce-by-6

–What was that bit about the superiority of Chinese EV manufacturers and the US had better convert to an EV fleet, faster?

Once again, tariffs prove that governmental subsidies create artificial "success stories" in whatever industries they exist. The dead white men of Austria win again.

Let's see the DC/NY Press Mavens* spin dat chit now….

*just so happens to be a US subsidized industry, soooo, when is that going to get a tariff by someone else?–