Lucid to Lay Off 18% of Workforce Amidst Flagging EV Demand

Lucid is set to lay off around 1,300 employees, or 18% of its workforce, as part of a restructuring plan to cut costs; JD Power reports that around half of new-car buyers in the US could have an affordable EV option by the end of this year; BYD reports an 11-fold increase in Q4 profit, thanks to an expanding range of products that is helping it overtake Volkswagen to become the top-selling brand in China; Michigan Governor Gretchen Whitmer spoke in support of the UAW ahead of renegotiating the UAW’s contracts with the Big Three later this summer; and Volvo’s CEO says the Inflation Reduction Act will put an increasing amount of Volvo’s supply base in North America.