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Lucid Motors is laying off more than a thousand people.
As TechCrunch reports, Lucid’s second round of layoffs this year will eliminate a new production shift it had added as part of plans to double its production.
This involves a reduction of the Company’s current U.S. workforce by approximately 18 percent, including full-time employees, contractors and hourly production workers in manufacturing. As part of this reduction, the Company has eliminated the second shift of production at its AMP-1 factory. The Plan is expected to provide the Company with annualized cost savings of approximately $158 million.
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