Lucid stock rises following cost-cutting strategy

Yahoo Finance Live’s Julie Hyman breaks down the rise in stock for Lucid.

Video Transcript

JULIE HYMAN: I want to bring you a quick trending ticker. Lucid shares recovering some ground this morning after slumping yesterday. Actually, they're not recovering anything right now on plans to cut 1,300 jobs amounting to 18% of its workforce. The move forms part of a broader cost cutting strategy as the EV maker enters its second full year of production. It's worth noting that Lucid recalled hundreds of Air Sedans at the start of the week on a power loss issue. Well, don't overlook Lyft. We're going to chat with the ride sharing company's incoming CEO in the next hour.