- Lucid Motors (NASDAQ:LCID) shares are falling on reports of the company looking to cut its workforce.
- According to an internal memo, Lucid is reportedly planning to slash hundreds of employees to cut costs.
- The Chief Executive Officer, Peter Rawlinson, is said to have told the employees that the EV startup will cut 18% of its workforce, reported Business Insider.
- With a total workforce count of about 7,200 at the end of 2022, 18% amounts to approximately 1,290 people.
- The layoff is expected to affect all levels of the organization, including executives.
- Also Read: Lucid Recalls Over 600 Air EVs Over Glitch That Could Affect Electric Motor
- The affected employees are eligible for a severance package, including access to career resources, equity and health insurance.
- Lucid has joined a cohort of technology and mobility startups that have resorted to layoffs recently to reign in the economic consequences.
- Price Action: LCID shares are trading lower by 7.86 at $7.50 on the last check Tuesday.
- Photo via Wikimedia Commons
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