Electric car manufacturer Lucid to lay off 1,300 workers to cut costs
USA TODAY
3/28/2023
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Electric vehicle manufacturer Lucid is laying off about 1,300 employees and contractors to trim costs.
The company made the announcement Tuesday, noting that reductions would affect approximately 18% of its workforce, according to a regulatory filing. Layoffs are set to hit nearly every level of the organization, including executives.
The announcement comes shortly after Lucid reported fourth-quarter revenue that fell short of expectations. The company produced 7,180 vehicles in 2022, failing to meet an original estimate of 20,000 announced in November 2021 but beating revised estimates from August.
© David Becker, Getty Images
A Lucid electric car equipped with Alexa Built-In is displayed at the Amazon for Automotive booth at CES 2023 at the Las Vegas Convention Center on January 05, 2023 in Las Vegas, Nevada.
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In a letter to employees, CEO Peter Rawlinson said Lucid needs to cut costs due to "evolving business needs and productivity improvements." Affected employees will be notified this week. The job cuts were first reported by Insider.
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"We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time," Rawlinson said in the letter. "These decisions are designed to position us to be more resilient and agile, thereby strengthening the company for the long-term."
The layoffs are expected to cost the company between $24 million and $30 million from expenses like severance payments, employee benefits and stock-based compensation.
Lucid shares closed at $7.55 on Tuesday, down 7.25% from the day prior.
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You can follow USA TODAY reporter Bailey Schulz on Twitter @bailey_schulz and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: Electric car manufacturer Lucid to lay off 1,300 workers to cut costs
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