• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Luxury Electric Vehicle Maker Becomes Latest In Industry To Announce Huge Layoffs

Luxury Electric Vehicle Maker Becomes Latest In Industry To Announce Huge Layoffs

June 5, 2024
Trump Orders Probe Into Biden’s Presidential Actions

Trump Orders Probe Into Biden’s Presidential Actions

June 4, 2025
Trump Enacts Travel Ban Covering 12 Countries

Trump Enacts Travel Ban Covering 12 Countries

June 4, 2025
Harvard Speaker With CCP-Linked Family Denies Nepotism Got Her Into Ivy League

Harvard Speaker With CCP-Linked Family Denies Nepotism Got Her Into Ivy League

June 4, 2025
‘It’s Disgusting’: Voters Are Furious With Gavin Newsom For Pulling Rug From Under Passed Ballot Measure

‘It’s Disgusting’: Voters Are Furious With Gavin Newsom For Pulling Rug From Under Passed Ballot Measure

June 4, 2025
California Defends High-Speed Rail Boondoggle By Saying It Will Take 20 Years To Finish ‘Initial’ Segment

California Defends High-Speed Rail Boondoggle By Saying It Will Take 20 Years To Finish ‘Initial’ Segment

June 4, 2025
Trump Admin Cracks Down On Texas Over In-State Tuition For Illegals

Trump Admin Cracks Down On Texas Over In-State Tuition For Illegals

June 4, 2025
‘You Can Even Name Your Embryo’: Genetics Startup Sells Test To Rank Embryos By IQ, Height And Looks

‘You Can Even Name Your Embryo’: Genetics Startup Sells Test To Rank Embryos By IQ, Height And Looks

June 4, 2025
Potential Dem 2028 Contender Torches Joe Biden Over Backtracking On Using Term ‘Illegal’ For Migrant

Potential Dem 2028 Contender Torches Joe Biden Over Backtracking On Using Term ‘Illegal’ For Migrant

June 4, 2025
Trump Admin Takes Aim At Ivy league School’s Accreditation

Trump Admin Takes Aim At Ivy league School’s Accreditation

June 4, 2025
‘Fire Away’: House Republicans Cheer Action On DOGE Cuts

‘Fire Away’: House Republicans Cheer Action On DOGE Cuts

June 4, 2025
Eight-Day ‘March To Gaza’ Will Attempt To Enter War Zone

Eight-Day ‘March To Gaza’ Will Attempt To Enter War Zone

June 4, 2025
Dem Rep In Seat Trump Won By Wide Margin Now In Toss-Up Race, Analysis Says

Dem Rep In Seat Trump Won By Wide Margin Now In Toss-Up Race, Analysis Says

June 4, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Thursday, June 5, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Luxury Electric Vehicle Maker Becomes Latest In Industry To Announce Huge Layoffs

by Daily Caller News Foundation
June 5, 2024 at 9:13 am
in News, Wire
242 10
0
Luxury Electric Vehicle Maker Becomes Latest In Industry To Announce Huge Layoffs
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Daily Caller News Foundation

Electric vehicle (EV) maker Lucid Motors announced that the company would be laying off staff in a bid to lower expenses amid a slowdown in the market.

The layoffs will affect 6% of its workforce, equating to around 400 employees, and will trim from all employee levels, including leadership and mid-level management, according to a filing submitted Friday with the Securities and Exchange Commission (SEC). Lucid is one of several EV makers to announce layoffs in recent months as consumers decline to adopt the product at the rate expected.

The company estimates that it will have to pay out between $21 million and $25 million in severance pay and benefits in connection with the layoffs, according to the filing. The planned terminations are expected to be done by the end of the third quarter.

‘Green New Deal’ Author AOC Is Warning That Trump Will Raise Gas Prices https://t.co/5Xo9AkNWSE

— Daily Caller (@DailyCaller) May 24, 2024

Growth in EV sales slowed in the first quarter of 2024 as consumers decline to adopt the product, leading to a drop in market share compared to traditional vehicles, declining from 7.6% to 7.1%. EV sales grew just 2.7% in the quarter compared to the 47% growth seen as a whole last year.

The world’s largest EV maker, Tesla, announced in April that it would be laying off more than 10% of its workforce of over 140,000 employees following slower-than-expected global deliveries in the first quarter.

EV maker Rivian also announced in April that it would be laying off 1% of its workforce after previously announcing that it would be cutting 10% of the company’s staff. Rivian cut 6% of staff in 2023 and another 6% in July 2022.

Other automakers have had to push back their EV production targets due to the slowdown in the growth of market demand, including Bentley, General Motors, Ford, Mercedes-Benz and Honda.

The Biden administration has sought to bolster EV consumer adoption, paying out a $7,500 tax credit per EV depending on where certain parts are made. President Joe Biden also announced that tariffs on Chinese-made EVs will soon be hiked from 25% to 100%.

Lucid deferred the Daily Caller News Foundation to the SEC filing.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: businessDCNFU.S. News
Share196Tweet123
Daily Caller News Foundation

Daily Caller News Foundation

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th