EV Manufacturer Announces Layoffs to Nearly 20% of Work Force After Struggling to Create Demand
One luxury electric vehicle manufacturer is laying off workers after overestimating demand for its products. Bay Area-based electric vehicle startup Lucid Group announced that it was laying off 1,300 workers in a…
One luxury electric vehicle manufacturer is laying off workers after overestimating demand for its products.
Bay Area-based electric vehicle startup Lucid Group announced that it was laying off 1,300 workers in a Tuesday filing, according to SFGATE.
Lucid CEO and CTO Peter Rawlinson indicated that the firings would affect every level of the company in a letter to employees.
“Our U.S. workforce will see reductions in nearly every organization and level, including executives.”
Rawlinson said that Lucid would terminate 18 percent of its total workforce, or 1,300 employees.
Rawlinson promised career assistance for those separated from the company in a company email.
“We are offering impacted employees a severance package that includes access to career resources, Lucid-paid healthcare coverage continuation, and acceleration of equity to help as much as possible with the transition.”
Rawlinson pledged to implement new cost-reduction strategies in another message to employees.
Lucid offers vehicles at a range of retail prices between $87,400 to $249,000, according to SFGATE.