Lucid Motors lays off nearly a fifth of its staff

Lucid Motors is forced to cut a large part of its workforce. It is part of a reorganization that should prepare the promising EV manufacturer for the next phase. “A painful but necessary decision,” is how CEO Peter Rawlinson describes the reorganization. The measure should make the company more ‘resilient’ for the future. Rawlinson believes the restructuring will be largely complete by the end of the second quarter. The reorganization will cost the company between $24 million and $30 million.

Lucid started mass production of electric cars last year. The first model, the Air, has an unprecedented range and is very strong. The Air can also be ordered in the Netherlands. Lucid Motors suffered a loss of $1.3 billion last year, the equivalent of €1.2 billion. Turnover was just over $600 million. Last month, the publicly traded company disappointed analysts and investors with a production target for this year of 10,000 to 14,000 cars.