Lucid Motors cuts six percent of its workforce ahead of EV SUV launch
Lucid Motors has cut 400 jobs, according to a regulatory filing. This amounts to around six percent of the workforce. Incidentally, the company also cut a whopping 1,300 jobs last year. This all comes just ahead of the launch of its first electric SUV later this year, a crucial release for the auto manufacturer. You can likely guess as to the reasoning given for the layoffs. The 400 people got pink slips due to the ever-useful and nebulous term known as “restructuring.” To that end, the company says it expects this restructuring to be completed by the end of the third quarter, though it didn’t say anything about rehiring anyone. “As always we must remain vigilant about costs. We are optimizing our resources in a way we believe will best position the company for future success and growth opportunities as we focus on achieving our ambitious goals,” CEO Peter Rawlinson said in a company email published by TechCrunch. Those ambitious goals include the aforementioned EV SUV, named the Lucid Gravity. The company’s calling it the “world’s best SUV” and it’ll feature two electric motors, all-wheel drive and an expected maximum range of 440 miles per charge. Those are some really good specs. However, the vehicle’s also expected to start at $80,000. EV growth has stalled in North America, so if the EV doesn’t catch on, it’ll likely be time for more restructuring. If that fails, Lucid can always sell more cars to the Saudi government. Speaking of stalled EV growth, most of the major US manufacturers have laid off staff in the past year. Tesla’s woes are common knowledge but Rivian has also been dramatically cutting its workforce. The same is true of California-based Fisker.This article originally appeared on Engadget at https://www.engadget.com/lucid-motors-cuts-six-percent-of-its-workforce-ahead-of-ev-suv-launch-152746970.html?src=rss
Lucid Motors has cut 400 jobs, according to a regulatory filing. This amounts to around six percent of the workforce. Incidentally, the company also cut a whopping 1,300 jobs last year. This all comes just ahead of the launch of its first electric SUV later this year, a crucial release for the auto manufacturer.
You can likely guess as to the reasoning given for the layoffs. The 400 people got pink slips due to the ever-useful and nebulous term known as “restructuring.” To that end, the company says it expects this restructuring to be completed by the end of the third quarter, though it didn’t say anything about rehiring anyone.
“As always we must remain vigilant about costs. We are optimizing our resources in a way we believe will best position the company for future success and growth opportunities as we focus on achieving our ambitious goals,” CEO Peter Rawlinson said in a company email published by TechCrunch.
Those ambitious goals include the aforementioned EV SUV, named the Lucid Gravity. The company’s calling it the “world’s best SUV” and it’ll feature two electric motors, all-wheel drive and an expected maximum range of 440 miles per charge. Those are some really good specs.
However, the vehicle’s also expected to start at $80,000. EV growth has stalled in North America, so if the EV doesn’t catch on, it’ll likely be time for more restructuring. If that fails, Lucid can always sell more cars to the Saudi government.
Speaking of stalled EV growth, most of the major US manufacturers have laid off staff in the past year. Tesla’s woes are common knowledge but Rivian has also been dramatically cutting its workforce. The same is true of California-based Fisker.This article originally appeared on Engadget at https://www.engadget.com/lucid-motors-cuts-six-percent-of-its-workforce-ahead-of-ev-suv-launch-152746970.html?src=rss
What's Your Reaction?
