Lucid Group Inc. has announced plans to lay off approximately 1,300 employees, which represents around 18% of its total workforce, according to a report in the Wall Street Journal. The electric-vehicle startup is aiming to reduce its operating expenses and conserve cash ahead of the launch of its second model next year. Lucid is based in California and sells luxury electric sedans priced at $87,000 and above.
The company anticipates completing the headcount reductions by the end of the second quarter, and CEO Peter Rawlinson stated in an email to employees that the cuts would occur across the company’s US operations, including executives, according to the WSJ report.
Other companies that have taken steps to cut staff in recent months include Rivian Automotive Inc., Ford Motor Co. and General Motors Co.
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