NEWARK — Lucid Group has revealed its plans to slash hundreds of jobs in the Bay Area, part of a wrenching reorganization that the maker of electric vehicles hopes will help position it for “future success.”
“There are 258 employees, including remote employees, who will be affected by the Newark campus layoffs that are expected to be permanent,” Ross Boughton, a deputy general counsel for Lucid USA and Lucid Group USA, the Lucid units that are conducting the job cuts, wrote in the WARN letter to the state EDD.“To optimize our resources to put Lucid in the best position for future success, we are reducing our workforce,” Lucid stated in the WARN notice filed with the California labor agency.
Over the 12 months that ended in March, Lucid Group lost $2.73 billion on revenue of $618.6 million, according to the Yahoo Finance site.Newark-based Lucid Group said employees who are being laid off can’t displace workers with less seniority.Lucid isn’t the only electric vehicle maker to reveal plans for layoffs this year.
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