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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 replaces its CFO and overhauls its leadership team under new CEO Silvio Napoli as the company seeks to stabilize operations and reposition itself in the EV market.
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.
