Lucid Motors Slashes Approximately 18% of Employees and Contractors

EV maker Lucid Motors is cutting around 18% of its employees and contractors. This action is aligned with the cost discipline announcement in late February when it reported earnings. 

The move is designed to evolve business needs and productivity improvements.

Its US workforce will see reductions in nearly every organisation and level, including executives.

The annoucement was made by CEO, Peter Rawlinson.

In December, 2022, the company said it had a successful capital raise of approximately $1.515 billion to strengthen its balance sheet and liquidity position.

In a message published on its website, Rawlinson says: 'Our mission remains unchanged. We are committed to a more innovative and environmentally sustainable future – designing, building, and delivering the best EVs on the market as we expand globally and develop more exceptional vehicles such as the Gravity SUV, which we plan to launch in 2024. I am confident that we have the most advanced technology, we have the right operational infrastructure and know-how to deliver, and we have a track record of tenacity that will make us stronger'.

Lucid's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. 

Deliveries of Lucid Air, which is produced at Lucid’s factory in Casa Grande, Arizona, are currently underway to U.S. and Canadian customers.