People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Ariz., on Sept. 28, 2021. Caitlin O’Hara/Reuters
Electric vehicle (EV) maker Lucid Motors is cutting 18 percent of its U.S. workforce as part of a cost-saving plan.
The Saudi Arabia-backed company disclosed the layoffs on June 22 in a filing with the Securities and Exchange Commission, saying that the reductions are expected to generate annualized cost savings of about $158 million.
