A number of electric vehicle startups have had to face a harsh reality and the latest is Lucid, which is planning layoffs.
In a filing with the U.S. Securities and Exchange Commission, Lucid revealed a new restructuring plan that aims to reduce operating expenses in “response to evolving business needs and productivity improvements.” As part of this effort, the company aims to axe approximately 18% of its workforce or around 1,300 people.
The layoffs are expected to be “substantially complete” by the end of the second quarter and the company could take a $30 (£24.3 / €27.6) million hit in charges related to severance payments and benefits – among other things.
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