CASA GRANDE, AZ — California-based Lucid Group Inc. is planning to lay off hundreds of employees in an attempt to cut costs, according to a regulatory filing submitted Tuesday to the U.S. Securities and Exchange Commission.
Lucid is reducing its workforce by 18% — or 1,300 employees — as part of what it describes as a restructuring plan to reduce its operating expenses “given evolving business needs and productivity improvements,” according to the filing. “This action is aligned with the cost discipline announcement we made in late February when we reported earnings,” Lucid CEO Peter Rawlinson wrote in an internal memo to employees, which was included in the filing. “We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time."
Rawlinson also wrote in the memo that Lucid, which has its manufacturing operations in Arizona, will share more information about the layoffs with employees within the next three days. Lucid’s job cuts will impact every level of the company, including executives.
It's going to kill Casa Grande's economy.
🤣🤣🤣