That amounts to four hundred individuals.
According to a regulatory filing, Lucid Motors has downsized its workforce by 400 employees. Approximately six percent of the workforce is represented by this figure. A staggering 1,300 positions were eliminated from the company’s workforce in the previous year. All of this takes place immediately before the introduction of the automaker’s first electric SUV, which is scheduled to take place later this year and is an important release for the company.
You are probably able to make an educated guess as to the rationale for the layoffs. The ever-useful and ambiguous euphemism known as “restructuring” was responsible for the pink slips that were given to the 400 individuals. In light of this, the company has stated that it anticipates this restructuring to be finished by the end of the third quarter; however, it did not mention anything about rehiring any previously employed individuals.
Regarding the costs, we must continuously maintain a vigilant vigilance. In a business email that was released by TechCrunch, CEO Peter Rawlinson stated that the company is “optimizing our resources in a way that we believe will best position the company for future success and growth opportunities as we focus on achieving our ambitious goals.”
Among these lofty objectives is the electric sport utility vehicle termed Lucid Gravity, which was stated earlier. The company is referring to it as the “world’s best SUV,” and it will have two electric motors, all-wheel drive, with an anticipated maximum range of 440 miles on a single charge. They are some extremely impressive specifications.
Nevertheless, it is anticipated that the vehicle will begin at a price of $80,000. The expansion of electric vehicles (EVs) in North America has come to a standstill; hence, if the EV does not become popular, it will most certainly be time for additional restructuring. In the event that this does not work, Lucid always has the option of selling additional automobiles to the Saudi government.
Considering that the rise of electric vehicles has slowed down, the majority of the major manufacturers in the United States have laid off employees over the course of the past year. Although it is common knowledge that Tesla is experiencing difficulties, Rivian has also been significantly reducing its employment. Fisker, which is based in California, stands in the same way.