Lucid Group, Inc. (NASDAQ: LCID ) is one of them The Best Wall Street Beats Stocks to Buy According to Analysts. On February 25, RBC Capital’s Tom Narayan of Lucid Group Inc. (NASDAQ: LCID ) maintained its hold rating on the stock, setting a price target of $10. This comes after the company announced on February 20 that it plans to cut around 12% of its workforce. The move is part of the company’s broader efforts to improve profitability. LCID is ramping up production of its Gravity SUV and is also preparing to launch a $50,000 mid-size EV before the end of the year.
The California-based automaker said the job cuts are to improve resources and improve operational efficiency.
According to a memo seen by Reuters, CEO Mark Winterhoff said:
We are streamlining our organization so that we can operate more efficiently and deliver on our commitment to improving gross margins and long-term growth.
The layoffs could affect more than 800 employees, although those in logistics, production, and quality are reportedly not affected. The company also confirmed that it will support affected employees by providing continued health benefits, severance packages, and transition assistance during this period. However, it did not disclose all costs associated with workforce reductions.
Prior to the layoff announcement, Tom Narayan on Jan. 13 at Lucid Group Inc. (NASDAQ: LCID ) reiterated a hold rating while lowering the company’s price target to $14 from $20.
Lucid Group, Inc. (NASDAQ: LCID ) manufactures, designs, engineers, and sells EV powertrains, electric vehicles (EV), and battery systems. The company is a subsidiary of Ayar III Investments Inc. and is located in Newark, California.
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Tom Narayan
