08:10 AM EDT, 05/24/2024 (MT Newswires) -- Lucid Group ( LCID ) said in a regulatory filing Friday that it will lay off around 400 employees or 6% of its total workforce as part of a restructuring plan aimed at optimizing operating expenses.

Lucid said it expects to incur about $21 million to $25 million in charges, of which up to $23 million will be recognized in Q2, with the majority to be paid in Q3. The charges are related to severance payments, employee benefits, employee transition expenses, and stock-based compensation, according to Lucid.

The restructuring plan, which is a response to "evolving business needs and productivity improvements," is expected to be completed by the end of Q3, the company said.

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