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.
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.
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.”
(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.
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.
FTC: We use income earning auto affiliate links.More.
Tennessee EV charging infrastructure developer PowerUp America just ordered a minimum of 100 new DC fast chargers in Q3 from Kempower, the Finnish company with a manufacturing hub in North Carolina.
PowerUp America, a relatively new player in the DC fast-charging station scene, is preparing to launch its first-ever DC fast-charging station in Kentucky by the end of the year.
These chargers are headed to NEVI-funded sites, which means they must all comply with the Build America, Buy America rules. PowerUp America posted on X/Twitter in October that the 400 kW chargers were already rolling off Kempower’s manufacturing line.
🚀 ROLLING OFF THE LINE IN NORTH CAROLINA!
Our Kempower DC Fast Chargers are officially off the manufacturing floor and ready to power the road ahead. ⚡
Here’s where they’re going, in addition to the fast charging station in Manchester, Kentucky: five new stations in Tennessee and two in Virginia. That Kentucky site features amenities such as pull-through stalls for easy towing, a full turning radius, a canopy for shade and weather protection, and on-site facilities (likely including snacks and restrooms – you know the drill).
Advertisement – scroll for more content
Each charger will offer both CCS1 and NACS connectors and will support tap-to-pay or app-based payments.
Josh Turner, CEO of PowerUp America, said, “Every new site is more than just a charger; it’s an investment in local economies, workforce development, and the transportation future we’re building across the Southeast.”
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
Hyundai’s at it again. The automaker is extending its IONIQ 5 lease offer, keeping one of the most affordable EV deals in the US alive at just $189 per month.
Hyundai extends IONIQ 5 lease deal for $189 a month
The Hyundai IONIQ 5 is one of the most popular vehicles in the US, and for good reason. Hyundai updated it for the 2025 model year with more driving range (up to 318 miles), a revamped look inside and out, and a built-in NACS port for charging at Tesla Superchargers.
Hyundai was also offering IONIQ 5 leases as low as $189 per month, making it one of the most affordable options for those looking to go electric.
The offer was set to end on November 3, but Hyundai has extended it for at least another month. Through December 1, you can still lease a 2025 Hyundai IONIQ 5 SE RWD for just $189 per month for 36 months. With $3,999 due at signing, the effective cost is about $300 a month.
Advertisement – scroll for more content
2025 Hyundai IONIQ 5 Limited (Source: Hyundai)
That’s still a pretty good deal, considering the 2025 Ford Mustang Mach-E Select RWD is listed for lease at $219 a month for 24 months. With $4,499 due at signing, the effective cost is $406 a month, or over $100 more than the IONIQ 5.
Upgrading to the IONIQ 5 SEL RWD with 318 miles of range costs just $50 more per month. The offer is listed at $239 for 36 months with $3,999 due at signing, or an effective rate of $350.
Hyundai reduced prices on the 2026 model year by nearly $10,000 on some trims after the federal tax credit expired at the end of September.
Hyundai IONIQ 5 Trim
Driving Range (miles)
2025 Starting Price
2026 Starting Price*
Price Reduction
IONIQ 5 SE RWD Standard Range
245
$42,600
$35,000
($7,600)
IONIQ 5 SE RWD
318
$46,650
$37,500
($9,150)
IONIQ 5 SEL RWD
318
$49,600
$39,800
($9,800)
IONIQ 5 Limited RWD
318
$54,300
$45,075
($9,225)
IONIQ 5 SE Dual Motor AWD
290
$50,150
$41,000
($9,150)
IONIQ 5 SEL Dual Motor AWD
290
$53,100
$43,300
($9,800)
IONIQ 5 XRT Dual Motor AWD
259
$55,500
$46,275
($9,225)
IONIQ 5 Limited Dual Motor AWD
269
$58,200
$48,975
($9,225)
2025 vs 2026 Hyundai IONIQ 5 prices and range by trim
The 2026 Hyundai IONIQ 5 was listed for lease starting at $289 per month, but that offer also ended on November 3. Hyundai has yet to update lease offers for the new model. We’ll keep you updated as soon as it’s posted.
Hyundai’s electric SUV remains one of the most affordable EVs in the US, alongside the Chevy Equinox EV and new Nissan LEAF.
For those looking for a spacious, efficient, reasonably priced SUV, the Hyundai IONIQ 5 is still worth checking out.
Polestar is about to make staying on course and finding your exit on the highway a lot less stressful. The EV maker is rolling out Google Maps’ new live lane guidance feature right onto the 10.2-inch driver display in the Polestar 4 – and it’s the first car brand to do so.
If you’ve ever missed an exit because you couldn’t get over in time, this one’s for you. Google Maps’ feature uses in-car AI to determine exactly which lane you’re in by analyzing road elements like road signs and lane markings from one of the Polestar 4’s forward-facing cameras. Then, it gives you visual and audio reminders to change lanes in time. No more guesswork, no more “oh no, that was my exit” moments.
You’ll see every possible lane highlighted for your route, along with a clear indication of which one you’re in. It’s designed to calm the chaos of multi-lane driving, especially in rush-hour traffic or sprawling interchanges.
Sid Odedra, Polestar’s head of UI/UX, says of the company’s latest collaboration with Google: “Live lane guidance continues the path of Polestar’s driver-centric UX strategy, reducing driver stress and improving safety by making missed exits and last-minute lane changes much less of a worry.”
Advertisement – scroll for more content
The feature is coming first to Polestar 4 drivers in the US and Sweden “in the coming months,” via an over-the-air update. It’ll hit more markets and road types after that.
Google Maps’ Andrew Foster says this is just the next chapter in a partnership that began with the Polestar 2 in 2020, when it became the first car to ship with Google-built-in software. “Now, Polestar 4 will be the first to integrate our groundbreaking live lane guidance, which will help people drive with even more confidence.”
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.