In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan.
Justin Sullivan | Getty Images
Luxury electric vehicle maker Lucid Group on Monday reported a wider first-quarter loss, but said that it still has enough cash to continue operations into next year.
Shares were down over 8% in after-hours trading following the news.
“We are on track to produce over 10,000 vehicles in 2023, with companywide initiatives ongoing that will enable Lucid to pivot to higher volumes as market…