Lucids laying off 18 percent of its workers

Lucid, the EV startup behind the Air sedan that competes with the Tesla Model S, has announced that it’s laying off around 1,300 employees, or 18 percent of its workforce, within the next few months. According to an email from CEO Peter Rawlinson, which was attached to a regulatory filing, the cuts will affect employees and contractors “in nearly every organization and level, including executives.”

Rawlinson says employees will hear more about the layoffs over the next three days, and the filing says the restructuring should be complete “by the end of the second quarter of 2023.” The email says that employees who are let go will receive “career resources, Lucid-paid healthcare coverage continuation, and acceleration of equity,” and the...

Continue reading…