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Lucid (LCID) is the latest EV maker to reveal job cuts to reduce costs. As part of a new restructuring plan, Lucid plans to reduce its US workforce by 6%, or about 400 employees.

Lucid cuts workforce amid new restructuring plan

In an 8-K filing Friday, Lucid announced a new restructuring plan, which includes cutting around 400 jobs.

CEO Peter Rawlinson emailed employees on May 24, 2024, explaining the new job cuts amid plans to restructure its US and contract workforce. Rawlinson said the reduction will “not impact our hourly manufacturing and logistics workforce.”

However, it will impact “employees at all levels, including leadership and mid-level management.”

The job cuts amount to about 6% of Lucid’s US workforce. Lucid expects to complete the new plan by the end of Q3 2024.

Under the new plan, which mainly consists of severance payments, employee benefits, and stock-based compensation, Lucid expects around $21 to $25 million in charges. About $19 to $23 million will be primarily reported in Q2, with most of the charges expected to be paid by the end of Q3 2024.

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Lucid Gravity (Source: Lucid)

Lucid expects most of the expenses to be cash expenditures. Meanwhile, changes to stock-based compensation are “not expected to be material,” according to Lucid.

Rawlinson explained that “letting go of our talented team members is difficult and a decision we did not take lightly” and thanked everyone who had helped the company grow.

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2024 Lucid Air (Source: Lucid Motors)

The news comes ahead of what could be Lucid’s most important model yet. Lucid is set to launch production of its first electric SUV, the Gravity, by the end of the year. Lucid’s CEO said, “I’m confident Lucid will deliver the world’s best SUV and dramatically expand our total addressable market.”

Since the program is still losing money, “we must remain vigilant about costs.” He stressed, “Today’s decision is about positioning us for future growth.”

Lucid-cuts-workforce
(Source: Lucid)

Lucid set a new delivery record in the first quarter and is seeing the momentum continue into Q2. Rawlinson boasted, “I want to stress that the future is bright at Lucid.”

The news comes after several rivals, including Rivian, reduced their workforces in an effort to increase profits.

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Lucid (LCID) stock chart over the past 12 months (Source: TradingView)

Lucid’s stock is down around 4% following the news. LCID shares are now down over 65% over the past 12 months.

Electrek’s Take

Lucid generated $172.7 million in revenue in Q1, up from $149.4 million a year ago. Meanwhile, the EV maker reduced operational losses ($729.9 million vs $772.2 million) as it looks toward its next growth stage.

The Gravity is expected to open up new markets for Lucid, significantly expanding its addressable market.

With another $1 billion investment from Saudi Arabia’s Public Investment Fund (PIF), Lucid ended the quarter with over $5 billion in liquidity.

Lucid expects to build around 9,000 vehicles this year, nearly the same as the 8,428 units made in 2023. Following the Gravity, Lucid plans to launch a new mid-size electric SUV that will expand its market drastically.

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Ford’s employee pricing offer is working, but how long will the discounts last?

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Ford's employee pricing offer is working, but how long will the discounts last?

Ford’s “From America, For America” deal, offering employee pricing for all, is helping drive sales. But, with Trump’s new tariffs, how long will the savings last?

A handshake with every American

The campaign was introduced a little over a month ago, but CEO Jim Farley said it’s already giving the company a lift.

Ford launched the “From America, For America” campaign on April 3, promoting its “American-made” vehicles with some serious savings opportunities.

The offer includes employee pricing across most 2024 and 2025 Ford and Lincoln models. According to Ford, it’s a “handshake deal with every American.”

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Ford is offering savings across all powertrains, including gas, hybrid, plug-in hybrid (PHEV), and electric vehicles. The only models excluded are Raptors, specialty Mustang and Bronco vehicles, the 2025 Expedition, Navigator, and Super Duty Trucks.

After seeing early success, the company extended the offer through the Fourth of July. Farley said the company has sold over 150,000 vehicles with employee pricing since April.

How long does Ford’s employee pricing offer last?

Like most of the auto industry, Ford is bracing for the impact of Trump’s new auto tariffs. However, it may be in a better position than other major automakers.

Since Ford builds a greater percentage of its vehicles in the US than any other major OEM, outside of Tesla, it isn’t expected to take as big of a hit.

After releasing first-quarter earnings last week, Ford warned that Trump’s tariffs could cost the company up to $2.5 billion in 2025. Crosstown rival GM estimated the extra tariffs could add an extra $4 billion to $5 billion in costs this year.

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Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

Ford made around 2 million vehicles in the US last year, according to S&P Global Mobility. With another 391,000 built in Mexico and 54,000 in Canada, Ford imported around 21% of its vehicles sold in the US. GM, on the other hand, imports around 46%.

Last week, a spokesperson confirmed with Electrek that Ford will raise prices on vehicles built in Mexico, including the Mustang Mach-E, Maverick pickup, and Bronco Sport.

The move is part of Ford’s “usual mid-year pricing actions combined with some tariffs we are facing,” the spokesperson told Electrek.

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2025 Ford Mustang Mach-E (Source: Ford)

It will not impact vehicle prices at the dealership or in transit. The higher prices will affect imported cars from May 2, which are expected to arrive at dealerships in late June. By how much? Although full prices were not revealed, the spokesperson said the Bronco Sport Heritage saw a $600 increase, while the Maverick XLT AWD’s price increased by $700.

Ford’s employee pricing is still available on these vehicles through July 4. For EV buyers, Ford is offering a few extra savings opportunities.

Through its “Power Promise,” Ford is offering a free Level 2 home charger on any new EV lease or purchase. The company is sweetening the deal with some extra perks, including 24/7 live EV support, proactive roadside assistance, and an 8-year, 100,000-mile battery warranty.

Looking to score some savings while they are still here? We’ve got you covered. You can use our links below to find deals on new Ford F-150 Lightning and Mustang Mach-E models in your area.

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Eric Trump’s American Bitcoin going public in latest crypto move by president’s family

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Eric Trump's American Bitcoin going public in latest crypto move by president's family

American Bitcoin co-founder Eric Trump: Crypto's the 'future of the modern financial system'

The bitcoin mining company backed by President Donald Trump‘s sons, Eric Trump and Donald Trump Jr., is set to go public on the Nasdaq through an all-stock merger with Gryphon Digital Mining.

Shares of Gryphon were up more than 300% Monday.

The combined company, American Bitcoin, will trade under the ticker symbol “ABTC,” with the transaction expected to close as early as the third quarter of 2025.

Existing stockholders of American Bitcoin, including the president’s two eldest sons, will own about 98% of the new entity.

It is the latest high-profile move from the Trump family’s growing crypto empire, which already includes the controversial $TRUMP meme coin that is offering a private dinner with the president to top holders of the coin.

Eric Trump, who is a co-founder and chief strategy officer of the mining firm, framed the move as part of a broader strategy to cement the country’s leadership in the global bitcoin mining race.

“Every single sophisticated country is using their excess power to mine bitcoin,” Trump previously told CNBC.

Read more about tech and crypto from CNBC Pro

He distanced himself from any direct involvement with his father’s administration but made clear his belief that the U.S. must maintain a competitive edge in the crypto sector.

“We won the space race. We better win the crypto race,” he said.

On the campaign trail, the president repeatedly promised to support U.S.-based bitcoin miners, including telling executives at a closed-door event in Mar-a-Lago that he wants all future bitcoin should be minted on American soil.

The crypto market showed little reaction. Bitcoin is trading at around $104,000, roughly flat over the past 24 hours.

WATCH: Bitcoin miners surge on the back of Donald Trump win

Bitcoin miners surge on the back of Donald Trump win

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E-Dolphin looks to redefine the marine industry with its 58 mph all-electric S300 watercraft

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E-Dolphin looks to redefine the marine industry with its 58 mph all-electric S300 watercraft

A young marine electrification specialist called E-Dolphin is… making waves… with its flagship product – a 160-horsepower electric watercraft called the S300. Aside from a futuristic design with 90s-style neon green speckled flair, this vessel supports DC fast charging and can reach speeds over 55 mph.

E-Dolphin evolved from a sobering moment for its founder, Nicolas Florès, who grew up on the southern coast of France and realized that local dolphins were being exposed to pollutants (fuel, exhaust, and noise) expelled from traditional combustion watercraft.

In 2018, Florès took his knowledge from working in the EV industry and initiated an intensive R&D phase to electrify personal watercraft. This entailed creating an entirely custom powertrain system, including batteries and specialized motors.

After several prototype builds, E-Dolphin patented its first powertrain in 2020. That technology was implemented in the company’s first market-ready electric watercraft, the S300. The company has begun taking pre-orders for the personal watercraft before deliveries start later this year.

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Electric watercraft
The S300 / Source: E-Dolphin
Electric watercraft

You can pre-order the S300 electric watercraft now

As you can see from the images above, E-Dolphin’s S300 electric watercraft blends sleek, modern styling with nostalgic flair, reminiscent of its Kawasaki and Yamaha predecessors from the 80s and 90s. While its neon spots might nod to the past, everything else in this vessel is highly modern.

The electric watercraft features a lightweight carbon fiber hull and an ergonomic seat for two. E-Dolphin also boasts that its vessels have an average lifespan double that of traditional personal watercraft. At the core of its performance (literally and figuratively) sits E-Dolphin’s proprietary powertrain, which delivers 160 horsepower and a top speed of 50 knots (57.5 mph).

The front features a 50-liter storage compartment below its handlebars, which features a full-color HD screen riders can use to monitor their speed, battery life, and navigation in real time. E-Dolphin is not sharing the chemistry of the 30 kWh battery pack in its electric watercraft but says it can navigate the waters for up to two hours on a single charge.

Another impressive feature is that the S300 electric watercraft supports CCS DC fast charging and can be replenished in under 30 minutes, making it easier to get back out to rip some aquatic donuts.

  • Standard charging : 8 hours with monophase (220V)
  • Fast charging : 2 hour 30 mins with monophase AC (220V) & Type 2
  • Ultra Fast Charging : less than 30 mins with triphase DC (380V) & CCS

E-Dolphin has begun pre-orders for its S300, available with a €1,000 ($1,112) deposit. The entire electric watercraft costs €39,990 plus VAT ($44,500), and E-Dolphin plans 50 initial builds. Each early purchase comes with a lifetime warranty on the S300 electric watercraft.

After that, E-Dolphin targets scaled production to approximately 1,000 units per year in the next five years, with plans to expand availability to North America and Asia after European deliveries are steady.

First deliveries are expected to begin in Europe during Q3 of 2025.

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