Lucid to cut 1,300 workers amid signs of flagging demand for its EVs

[rangerrebew]

AUTOS
Lucid to cut 1,300 workers amid signs of flagging demand for its EVs
PUBLISHED TUE, MAR 28 20234:40 PM EDTUPDATED TUE, MAR 28 20238:13 PM EDT
 
John Rosevear
 
Lucid said in a regulatory filing that it is cutting about 18% of its workforce, or roughly 1,300 workers.

In a letter to employees, CEO Peter Rawlinson said the job cuts will hit “nearly every organization and level, including executives.”

The company expects to take charges of $24 million to $30 million related to the cuts, most of that in the first quarter.
In this article
 
Struggling EV maker Lucid said in a regulatory filing on Tuesday that it plans to cut about 18% of its workforce, or roughly 1,300 employees, as part of a larger restructuring to reduce costs as it works to ramp up production of its Air luxury sedan.

Lucid said it will incur one-time charges totaling between $24 million and $30 million related to the job cuts, with most of that amount being recognized in the first quarter of 2023.

https://www.cnbc.com/2023/03/28/lucid-to-cut-1300-workers.html

[DefiantMassRINO]

Um, the value proposition of electric cars is decreasing because electricity prices have been increasing.

The decarbonization of Amierca is shuttering the coal, oil, natural gas, and nuclear powerplants, but not replacing them with equally reliable generators of equal or greater capacity.