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Sunday, February 25, 2024

Lucid’s shedding 18 % of its employees

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Picture by Tim Stevens for The Verge

Lucid, the EV startup behind the Air sedan that competes with the Tesla Model S, has introduced that it’s shedding round 1,300 staff, or 18 % of its workforce, throughout the subsequent few months. Based on an email from CEO Peter Rawlinson, which was hooked up to a regulatory filing, the cuts will have an effect on staff and contractors “in practically each group and stage, together with executives.”

Rawlinson says staff will hear extra concerning the layoffs over the subsequent three days, and the submitting says the restructuring needs to be full “by the tip of the second quarter of 2023.” The e-mail says that staff who’re let go will obtain “profession assets, Lucid-paid healthcare protection continuation, and acceleration of fairness,” and the…

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