EV startup Lucid Group plans to lay off about 18% of its workforce, or about 1,300 employees.
The company aims to cut operating costs and preserve cash ahead of its planned release of a second vehicle model next year.
In an email sent to employees, CEO Peter Rawlinson said the layoffs would occur across the company’s U.S. operations and include executives.
- The job cuts are expected to be completed by the end of Q2.
- Lucid expects to incur a cost of $24M to $30M related to the reductions.
- As of Dec. 31, Lucid had about $1.74B in cash and cash equivalents.
- Lucid plans to release its second model next year, an electric SUV called the Gravity.
