Lucid shares rise in pre-open trading on 6% job cut plan

24/05/2024 Argaam
Logo ofLucid Group

Logo of Lucid Group

Shares of EV maker Lucid rose in today's pre-open trading as the group announced a plan to cut its workforce by nearly 6% or 400 employees.

 

The company expects to book $21-25 million in charges, mostly related to severance, employee benefits, employee transition and stock-based compensation.

 

The plan is likely to substantially complete the plan by the end of the third quarter.

 

The number of the company's fulltime employees reached 6,500 in December 2023.

 

The stock leapt 2.57% to $2.79 at 2:19 pm Makkah time.

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