Lucid Motors (LCID) is reportedly cutting 12% of its workforce to improve profitability even as the company increases production of its Gravity SUV and plans to launch a $50K mid-sized EV later this year.
According to an internal memo viewed by TechCrunch, California-based Lucid (LCID) said the job cuts aim to “improve operational effectiveness and optimize our resources as we continue on our path toward profitability.”
While the cuts could impact more than 800 Lucid (LCID) employees, those working in manufacturing, logistics, and quality are reportedly not affected.
The company said it will provide severance, bonuses, continued health benefits, and transition services to support those employees who will be laid off. Costs associated with the separations were not disclosed.
Lucid (LCID) shares are down again on Friday, extending its losing streak to a fourth straight day and adding to its 70% year-over-year loss.