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Lucid Motors stock dropped over 40% after a rumor of bankruptcy, only to recover slightly after the company denied the claims.
Lucid Motors has cut 18% of its workforce and eliminated its second production shift as it restructures under new leadership. The EV maker is aiming to reduce costs amid tough market conditions and production challenges.
Chinese EV manufacturer Holyvolt acquires US battery pioneer Wildcat Discovery for $73 million to accelerate battery technology development and bridge the gap between lab discoveries and commercial production.
