The shares of Lucid Group (NASDAQ:LCID) gained 3% in pre-market trading after the California-based EV maker said on Friday that it is laying off about 6% of its workforce or 400 employees to reduce costs.
What Happened: The layoff is part of the company’s restructuring plan and Lucid intends to complete it by the end of the third quarter, the company said in a filing on Friday. The company expects to incur a total of about $21 million to $25 million in charges as part of the plan, including severance payments and employee benefits.
During the pre-market session, Lucid stock was up ...