Lucid Motor's stock dropped 16% after rumors of potential bankruptcy or going private, despite the company denying the claims, citing sufficient liquidity and focusing on operational improvements.
Lucid Motors' new CEO Silvio Napoli is restructuring the EV maker, announcing the departure of CFO Taoufiq Boussaid and hiring new executives for key roles. This follows recent job cuts and a production shift reduction at its Arizona factory, aiming to simplify operations and boost competitiveness.
Lucid Motors is laying off 18% of its workforce, approximately 1,500 employees, and eliminating the COO position. The EV maker also cut its second production shift in Arizona. These actions are part of CEO Silvio Napoli's plan to simplify the company and improve competitiveness amid a cooling EV market.
Lucid Motors is laying off approximately 1,500 employees, representing 18% of its workforce, as part of a plan to reach profitability. This follows earlier layoffs in February and includes ending a second shift at its Arizona factory, aiming to save $158 million.
