Lucid Group, Inc. (LCID): restructuring charge — Lucid Group cuts ~400 jobs (6% of workforce) in restructuring; expects $21-25M charges

Lucid Group, Inc.

Workforce reduction of approximately 400 employees (roughly 6%) across US, including leadership and mid-level management.
Estimated total charges of $21M to $25M, primarily for severance, benefits, and transition, with most recognized in Q2 2024.
Restructuring expected to be substantially complete by end of Q3 2024; hourly manufacturing and logistics workers not impacted.
CEO Peter Rawlinson cites need for cost discipline while confirming Gravity SUV on track for late 2024 and midsize program for late 2026.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Lucid Group, Inc. announced a restructuring with charges of approximately $21 million to $25 million (approximately 400 employees, or approximately 6%).

Type: restructuring
Charge: approximately $21 million to $25 million
Headcount: approximately 400 employees, or approximately 6%

Exact text from the filing

complete the Plan by the end of the third quarter of 2024, subject to local law and consultation requirements. The Company estimates that it will incur a total of approximately $21 million to $25 million in charges in connection with the Plan, which consist primarily of charges related to severance payments, employee benefits, employee transition, and stock-based

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Lucid Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-064914

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