Major restructuring at Lucid, up to 1,300 employees laid off
Lucid, this young manufacturer of luxury electric vehicles that is only just beginning to penetrate our market, is already in hot water due to several economic pressures surrounding the industry. The builder will have to restructure his company and, alas, abolish several positions in order to better withstand the situation.
According to what would have announced Peter Rawlinson, the CEO of Lucid, to the media Reuters on March 28, Lucid must cut back on non-essential spending so it can get through the current economic situation. The decision also comes in reaction to a drastic drop in orders for its vehicles, but also to an increase in production costs.
Around 1,300 positions will be slashed out of the 7,200 employees currently employed by the manufacturer. That’s 18% of the company’s total workforce. The cuts will affect all sectors of activity, from production to executives.
Marketing only the Air luxury sedan, but with plans to grow into other vehicle categories, Lucid admitted that the recent explosion of new luxury electric models and the reduction in price of some competitors, such as the Tesla Model S, obviously did not help the automaker’s sales projections.
