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

Lucid, the EV startup behind the Air sedan, is laying off around 1,300 employees, or 18 percent of its workforce, within the next few months. The cuts will affect employees and contractors “in nearly every organization and level, including executives.” The restructuring should be complete “by the end of the second quarter of 2023.” The company plans to spend around $24 million to $30 million in “charges related to employee transition, severance payments, employee benefits, and stock-based compensation.” The layoffs are “aligned with the cost discipline announcement we made in late February when we reported earnings,” when it also announced that it had burned through around $2.6 billion over the fiscal year 2022.