Lucid Delays Affordable Model to 2027, Unveils $1.4 Billion Cost-Savings Plan as Losses Rise
Lucid Group said it will postpone the launch of its lower-cost electric vehicles from late 2024 to the second half of 2027, while implementing an operational reset intended to conserve about $1.4 billion in cash this year. With fresh leadership and workforce reductions, the company plans sharp cuts to inventory, capital spending and operating costs…