Lucid Motors to cut 1,300 jobs
All-electric Air sedan maker plans to reduce 18% of its workforce
By News Desk
Published - Mar 29, 2023, 09:38 AM ET
Last Updated - Jul 18, 2023, 04:07 PM EDT
U.S. automaker of luxury all-electric Air sedan Lucid Motors (LCID) will lay off 18% of its workforce.
The move was part of a restructuring move, the Newark, California-based company said in a regulatory filing.
This round of job cuts is expected to affect 1,300 employees and is set to be complete by the end of the second quarter.
The restructuring plan is expected to cost Lucid $24-30 million including in severance pay, employee benefits, and stock-based compensation. The layoffs will affect all levels of the organization.
