Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Brother Black fly's left hand clue delivery! CTOnews.com, March 29 (Xinhua)-- US electric car startup Lucid told employees at a staff meeting on Tuesday that it plans to cut about 1300 jobs, or 18 percent of its workforce, in the coming months, according to BusinessInsider, a person familiar with the matter.

According to sources and internal memos issued after the meeting, Lucid CEO PeterRawlinson told employees that the company will lay off about 18% of the staff. Lucid will communicate the details of the layoffs in the next three days, and the layoffs will affect every organization and level of the company, including senior executives.

According to an email sent by Peter Rawlinson, the company's chief executive, the job cuts will affect "almost all departments and levels, including executives". Rawlinson said employees would learn more about layoffs over the next three days, while regulatory documents showed that the company planned to complete its restructuring "by the end of the second quarter of 2023". According to the email, affected employees are expected to receive severance pay, including access to occupational resources, health insurance extension and accelerated equity allocation. The company plans to spend about $24 million (CTOnews.com Note: currently about 165 million yuan) to $30 million (currently about 207 million yuan) on "expenses related to employee transfers, severance pay, employee benefits and stock-based compensation," according to regulatory documents.

For those who have been following Lucid, the layoffs are not surprising. Rawlinson said the job cuts were "in line with the cost discipline we announced when we reported results at the end of February", when the company also announced that it had burned about $2.6 billion during the 2022 fiscal year.

The company has also been working hard to produce and deliver cars. In February, the company reported more than 28000 bookings, but said it could only produce 10, 000 to 14000 cars in 2023. Even so, it would be a big step forward, as the company produced only 7180 cars in 2022 and delivered about 4300 of them.

The company also suffered another blow this week, announcing a recall of about 600 cars to fix problems that could cause cars to lose power.

Lucid is not the only carmaker to make large-scale layoffs. Ford has cut about 3000 jobs in the past year, and GM has offered a buyout plan to many employees. As part of a $2 billion budget cut, Stellantis announced plans to close a plant, and Tesla made a round of layoffs. Other startups are also struggling, with Arrival laying off half of its workforce and Rivian laying off 6 per cent-twice.

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