Lucid Motors is laying off about 400 employees, or about 6% of its workforce, as part of a restructuring ahead of the launch of its first electric SUV later this year.
The company said in a regulatory statement admission On Friday morning, the company said the restructuring is expected to be completed by the end of the third quarter and would cost between $21 million and $25 million.
This new round of cuts comes more than a year after Lucid Motors. decreased 1,300 jobs.
“I am confident that Lucid will deliver the world’s best SUV and dramatically expand our total addressable market, but we are not yet able to generate revenue from this program,” CEO Peter Rawlinson said in an email to the company. “As always we must be cautious about costs. We are 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.”
Rawlinson said the cuts will be made across both Lucid’s full-time and contract employees, and include “leadership and mid-level management.” Hourly manufacturing and logistics workers will not be affected.
Lucid’s restructuring follows massive cuts at Tesla last month or so. Nearly every electric vehicle company in North America has cut headcount this year as the skyrocketing growth of the past few years has slowed.
Lucid has struggled to find buyers, particularly for its only existing model, the Air sedan, though the company has set a goal. Delivery Record in the first quarter of 2024. In March, the company raised Another $1 billion The money comes from its majority owner, Saudi Arabia’s sovereign wealth fund.
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