Lucid Motors’ new CEO cuts 18% of staff to ‘simplify the company’ (opens original article in a new tab)

Lucid Motors cuts 18% of its workforce, around 1,500 employees, as part of restructuring under new CEO Silvio Napoli to simplify operations and improve competitiveness.

• Lucid Motors lays off 18% of staff, around 1,500 employees, four months after a 12% cut.
• New CEO Silvio Napoli aims to simplify the company and improve competitiveness, eliminating the second production shift in Arizona.
• Lucid plans to release the mass-market Lucid Cosmos SUV and expand in autonomous vehicles, while restructuring to align with demand and save $158M annually.