Lucid Motors to Lay Off 18% of Workforce in Cost-Cutting Move.

Lucid Motors is laying off approximately 18% of its workforce, or 1,300 employees and contractors, to reduce operating expenses and achieve its objectives. The luxury EV maker will cut jobs across nearly every division, including some executives. The layoffs will cost the company $24 million to $30 million, which will be spent on severance payments, company-paid health insurance, and stock-based compensation for the affected workers. Despite the cost-cutting measures, Lucid still intends to expand globally and develop more models, including the three-row Gravity electric SUV that it plans to release in 2024.