Lucid’s shedding 18 p.c of its staff

Lucid, the EV startup behind the Air sedan that competes with the Tesla Model S, has introduced that it’s shedding round 1,300 staff, or 18 p.c of its workforce, inside the subsequent few months. Based on an email from CEO Peter Rawlinson, which was connected to a regulatory filing, the cuts will have an effect on staff and contractors “in almost each group and degree, together with executives.”

Rawlinson says staff will hear extra in regards to the layoffs over the following three days, and the submitting says the restructuring ought to be full “by the top of the second quarter of 2023.” The e-mail says that staff who’re let go will obtain “profession assets, Lucid-paid healthcare protection continuation, and acceleration of fairness,” and the…

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