EV startup Lucid to cut about 18% of its workforce


FILE PHOTO A Lucid Air electric vehicle is displayed in Scottsdale Arizona U.S. September 27 2021. Picture taken September 27 2021.  REUTERSHyunjoo Jin

FILE PHOTO: A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Picture taken September 27, 2021. REUTERS/Hyunjoo Jin

(Reuters) -Electric-vehicle maker Lucid Group Inc said on Tuesday 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.

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