Lucid reportedly plans to lay off nearly 1300 workers
hapabapa

Lucid Motors (NASDAQ:LCID) is reportedly planning to reduce its headcount by over 1,000 workers.

The Saudi-backed EV startup reportedly told workers about plans to lay off hundreds of workers in an all-hands meeting on Tuesday. A memo seen by Insider indicated 18% of its global workforce is due to receive pink slips. According to the latest 10-K filing, the company employs a total of 7,200 employees, meaning 1,296 employees are due to be let go.

Management had highlighted a âlaser focus on costâ for 2023. The cost cuts are slated to cover both vehicle production costs and overall operations costs.

âWe are instilling a culture of cost consciousness and we're working across the Company to identify and execute on numerous cost efficiency opportunities,â CFO Sherry House told analysts at the time.
Lucid (LCID) shares fell 7.5% in afternoon trading on Tuesday.
Read more on the companyâs recent recall of vehicles due to power issues.