By Phoenix Business Journal
Lucid Group Inc.’s recent job cuts will save the electric vehicle maker more than $500 million over three years as it seeks to break even on gross margins, the California-based company’s executives said Tuesday.
Lucid reduced its workforce by 12% to “reallocate resources” following the launch in November of its Lucid Gravity Touring SUV and to support “the next stage of execution, operation and discipline and margin progression,” Taoufiq Boussaid, Lucid’s chief financial officer, said during an earnings call Tuesday.
