EV Startup Lucid to Cut 1,300 Jobs, 18% of Its Workforce
CEO Peter Rawlinson Calls Cuts 'Painful but Necessary'
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. is eliminating 18% of its workforce, including employees and contractors, as the electric vehicle startup looks to cut costs in its second full year of production.
The reductions amount to about 1,300 positions, . The Newark, Calif., company said it鈥檚 鈥渞eviewing all non-critical spending at this time鈥 and expects to incur charges of $24 million to $30 million related to its restructuring plan.
鈥淭hese decisions are designed to position us to be more resilient and agile, thereby strengthening the company for the long term,鈥 CEO Peter Rawlinson said in an email to staff. He called the job cuts 鈥減ainful but necessary.鈥
Lucid shares were little changed in postmarket trading in New York. The stock fell 7.2% during the regular session March 28 after .
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