luxury electric vehicle manufacturer, It reported to the U.S. Securities and Exchange Commission that it laid off about 18% of its workforce. lucid, It said it was laying off employees “in response to evolving business needs and productivity improvements” to reduce operating expenses, and plans to complete this restructuring plan by the end of the second quarter of this year.
Lucid CEO Peter Rawlinson told employees in a note that the layoffs would affect both employees and producers. Nearly every department in the US will be affected by layoffs, and some executives will even be included in the company’s layoffs list. The EV maker has also taken other cost-cutting measures, such as reviewing its non-vital spending after it announced 2022 earnings results in February. But apparently, these measures were not enough for the company to achieve its goals.
Big earthquake in luxury car manufacturer! Could this be real?
Lucid still fell short of analyst estimates, despite a sharp year-over-year increase in revenue. Also, the production target for 2023 (14,000) HOUSE) Although it is double the figures of last year, experts expect of 21.000 pieces very below. As Reuters previously reported, Tesla’s price cuts and traditional automakers’ affordable EVs its availability had reduced the demand for tools from start-ups like Lucid. Another EV startup, Rivian, was similarly affected, announcing in February that it will cut its workforce by 6%.
lucid, file of dismissals to the company 24 to 30 million dollars This includes severance pay, company-paid health insurance, and benefits for affected workers. share-based compensation He said he would spend it. Despite its cost-cutting measures, Lucid plans to expand globally and continue to develop more models, including the three-row Gravity electric SUV it plans to launch in 2024.