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Lucid Motors is laying off about 400 employees , or roughly 6 % of its work force , as part of a restructuring ahead of the launch of its first electric SUV later this year .
The companionship say in a regulatoryfilingon Friday morning that it expect to fill in the restructuring by the end of the third twenty-five percent and that it will cost between $ 21 million and $ 25 million .
The new round of cuts comes a little more than a twelvemonth after Lucid Motorsslashed1,300 Book of Job .
“ I ’m confident Lucid will deliver the world ’s best SUV and dramatically flesh out our total addressable market , but we are n’t engender tax revenue from the program yet , ” CEO Peter Rawlinson said in an email to the company . “ As always we must stay vigilant about costs . We are optimizing our imagination in a way we believe will best position the company for future success and increase opportunities as we focus on achieving our challenging goals . ”
Rawlinson said the cuts will be made to both Lucid ’s full - time and contract worker and that they include “ leadership and mid - grade direction . ” Hourly fabrication and logistics employee will not be affected .
Lucid ’s restructuring also come on the heels of monumental cuts at Tesla over the last calendar month or so . Almost every electric vehicle company in North America has cut staff this yr as the sky - high growth of the last few years has cooled .
Lucid in particular has struggle to find buyers for its lone exist model , the Air sedan , though the company gear up adelivery recordin the first quarter of 2024 . In March , the company raisedanother $ 1 billionfrom its bulk proprietor , Public Investment Fund , which is Saudi Arabia ’s independent wealthiness fund .
