Lucid Group, Inc. announced a restructuring plan to achieve profitability and positive cash flow by reducing its U.S. workforce by approximately 18 percent and eliminating the second shift at its AMP-1 factory. The plan is expected to provide annualized cost savings of approximately $158 million, with an estimated $32 million in cash charges for severance and benefits. Additionally, Chief Operating Officer Marc Winterhoff has departed the company, following the elimination of position. Lucid Group, Inc. is an electric vehicle manufacturer.
