Lucid Motors CEO Peter Rawlinson poses with a Lucid Air right after ringing the opening bell as Lucid started buying and selling on the Nasdaq stock exchange in 2021. (Reuters)
Electric-auto maker Lucid Group Inc is setting up to lay off about 18% of its workforce, Insider claimed on Tuesday, citing sources familiar with the matter and an inside memo.
The company’s shares fell extra than 7%.
Lucid, which makes luxurious electric powered cars, will talk aspects of the layoffs in the future a few times, in accordance to the report.
At the end of past yr, the firm had about 7,200 staff members. If that is the latest amount, then the layoff would amount to a reduction of about 1,300 workers.
Lucid did not instantly reply to a Reuters ask for for comment.