Lucid Motors Cuts 400 Jobs as EV Market Faces Slowdown

The layoffs come ahead of the launch of Lucid's first electric SUV, the Gravity, as the company navigates financial challenges.

Lucid Motors is laying off 6% of its workforce, affecting 400 employees, including leadership and mid-level management.
The company expects to incur $21-25 million in charges related to severance and stock payouts.
Lucid aims to boost sales of its Air sedan and stay on track with the Gravity SUV production by the end of 2024.
EV makers, including Tesla and Rivian, have also announced significant layoffs due to slowed market growth.
Lucid's liquidity is projected to cover operations only until mid-2025, despite recent funding from Saudi Arabia's Public Investment Fund.