EV startup Lucid to cut 18% of its workforce

The company plans to communicate with all its employees over the next three days about the plan, CEO Peter Rawlinson said, adding its US workforce will see reductions in nearly every organisation and level, including executives. — Bloomberg

NEW YORK: Electric-vehicle (EV) maker Lucid Group Inc says it would lay off about 18% of its workforce, or around 1,300 employees, to cut costs as part of a restructuring plan.

The maker of Air luxury sedan last month forecast 2023 production that fell well short of analysts’ expectations and reported a major drop in orders during the fourth quarter.