Lucid to Cut 400 Jobs in Latest Sign of Stress for EV Market.

Lucid Group Inc. is set to cut around 400 jobs in the next few months, as the electric-vehicle (EV) market slows down. This reduction in workforce, which accounts for about 6% of the company's employees, will be completed by the end of the third quarter. Lucid expects to face charges of $21 million to $25 million due to this restructuring plan. The layoffs highlight the difficulties faced by EV manufacturers in scaling production while dealing with declining consumer demand for electric cars. Other companies in the EV market, such as Tesla and Rivian Automotive, have also announced job cuts recently. [Extracted from the article]