On May 24, electric vehicle manufacturer Lucid announced that as part of a restructuring plan, it will lay off 400 employees, accounting for 6% of its total workforce.
As of last December, Lucid had approximately 6,500 full-time employees worldwide.
Lucid CEO and CTO Peter Rawlinson stated in a letter to employees that the layoffs will affect all levels of the company, including leadership and middle management, but will not impact hourly production line and logistics staff.
This restructuring aims to reduce costs due to changes in business needs and improve production efficiency.
The company expects to incur charges of $21-25 million, mostly recognized in the second quarter, with the plan expected to be largely completed by the end of the third quarter.
Lucid plans to focus resources on “accelerating the expansion of new customers” and aims to begin production of the Gravity SUV model by the end of 2024 and mid-size vehicles by the end of 2026, while continuing to control expenditures.
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