The electric vehicle company, Lucid, announced in a staff meeting on Tuesday that it will be laying off approximately 18% of its workforce, which equates to around 1,300 employees across all levels of the company, including executives. The CEO, Peter Rawlinson, stated that the specific details of the job cuts will be released in the coming days.
Lucid has attributed these lay-offs to “cost discipline” and is also part of a company restructuring plan. This move comes after months of production issues and a recall of nearly 600 vehicles due to a problem that could lead to a loss of power.
Rawlinson acknowledged that the decision was not an easy one as it creates uncertainty for the employees affected. He stated that the affected employees will receive a severance package with access to career resources, continuation of healthcare coverage, and accelerated equity.
This move is the latest in a series of job cuts across the sector as many companies struggle to handle inflation and a possible recession. Rawlinson explained: “These decisions are designed to position us to be more resilient and agile, thereby strengthening the company for the long-term”.
The company still plans to pursue its mission of being a global leader in innovative and environmentally sustainable future transportation.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."