NEWARK — Lucid Group plans to chop a whole bunch of jobs within the Bay Area, a part of a sweeping restructuring the electrical vehicle maker says is obligatory to position the corporate for “future success.”
The company announced it will cut 258 jobs at its Newark headquarters, in keeping with an official notice to the state Department of Employment Development.
“To optimize our resources and best position Lucid for future success, we are reducing our workforce,” Lucid said in a WARN notice to the state.
The layoffs, scheduled to occur on or around July 23, “are expected to be permanent,” Ross Boughton, deputy general counsel for Lucid USA and Lucid Group USA, wrote within the WARN letter to the state.
The job cuts at Lucid Group come at a time when the electrical vehicle manufacturer is accumulating annual losses within the billions – despite the fact that the corporate's sales are rising and the red numbers look like shrinking.
In the 12 months through March, Lucid Group lost $2.73 billion on revenue of $618.6 million, in keeping with Yahoo Finance.
In the calendar 12 months 2023, Lucid made a lack of $2.83 billion on revenue of $595.3 million, Yahoo Finance reported.
Lucid will not be the one electric vehicle maker to announce plans for layoffs this 12 months.
As a part of several rounds of layoffs, Tesla has announced its decision to chop a minimum of 3,600 jobs within the Bay Area alone, affecting employees in Fremont and Palo Alto.
The Fisker Group has decided to put off 45 employees in San Francisco.
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