Bay Area electric car creater Lucid Motors is laying off hundreds of employees in a 12% reduction of its workforce.
The Newark company stated the layoffs would “improve operational effectiveness and optimize our resources” as the company seeks profitability. It had 6,800 employees at the finish of 2024, suggesting that the cuts could affect around 800 workers.
Hourly production workers in manufacturing, logistics and quality control weren’t affected, interim CEO Marc Winterhoff wrote in a memo to employees, Business Insider reported.
Lucid didn’t specify how many layoffs would be in California and hadn’t filed a layoff notice with the state’s Economic Development Department as of midday Friday.
Lucid reported a net loss of $978.4 million in the third quarter and revenue that missed analyst expectations.
It’s the third layoff round for Lucid in three years, coming in the wake of federal tax credits for electric vehicles expiring last year, contributing to turmoil in the industest.
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