Lucid Group plans to lay off 1290 employees

2023.03.28 19:35

Lucid Group plans to lay off 1290 employees

By Ray Johnson

Budrigannews.com – Lucid Group Inc., a start-up that makes electric vehicles, sources familiar with the situation and an internal memo seen by Business Insider indicate that the company intends to lay off approximately 1,290 employees, or 18 percent of its workforce.

The memo says that the company will tell you more about the layoffs in the next three days.

The sources, who are aware of the company’s information but are not permitted to discuss it publicly, have been given anonymity after Insider has confirmed their identities.

The company’s cost control motivated the reductions, which will affect executives as well as all levels of management. Influenced representatives will get a severance bundle.

The reminder likewise referenced the reduces to expense discipline, and said that the organization’s continuous expense improvement endeavors alone wouldn’t accomplish its goals and that the cutback of colleagues was a “difficult yet essential choice.”

The company has not yet responded to an insider’s request for comment regarding the announcement.

Lucid has had a challenging few months due to challenges in manufacturing and production. The business launched an inventory website to sell cars that don’t require a wait, offered an employee purchase program, and implemented an internal cancellation protocol to reduce customer cancellations.

Since its electric vehicle does not qualify for the new EV purchase credit, Lucid has contacted customers via email to inform them about the commercial EV tax credit that can be used for leasing. In addition, Lucid has reduced prices for orders that will be fulfilled by April’s end.