Lucid Motors said Tuesday that its “operational reset” will focus on $1.4 billion in cash reductions along with three other “must win” and potential money-making priorities that include robotaxis, its factory in Saudi Arabia, and launching a mid-sized electric vehicle.
The turnaround plan, led by its new CEO Silvio Napoli, aims to pull Lucid out of its spiral of growing EV inventory and unchecked spending. To reach that $1.4 billion in cash savings, Lucid said it will reduce capital expenditures by $500 million and projected savings of between $600 million and $800 million in inventory, according to its second-quarter earnings statement. The company said it will also reduce operating expenses by $200 million.
