Lucid is slashing 18% of its workforce as new CEO moves to simplify the company

The EV maker is eliminating roughly 1,500 jobs and scrapping a production shift at its Arizona factory, targeting $158 million in annual savings

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Lucid $LCID Group announced a plan Monday to cut approximately 18% of its U.S. workforce, affecting full-time employees, contractors, and hourly production workers, as new CEO Silvio Napoli moves to reduce costs and restructure the company's operations.

The company expects the restructuring to save about $158 million each year. Severance, benefits, and other transition costs should total around........

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