EV startup Lucid plans to cut about 18% of its workforce - report

2 months ago 42

:Electric-vehicle maker Lucid Group Inc is planning to lay off about 18 per cent of its workforce, Insider reported on Tuesday, citing sources familiar with the matter and an internal memo.

The company's shares fell more than 7 per cent.

Lucid, which makes luxury electric cars, will communicate details of the layoffs in the next three days, according to the report.

At the end of last year, the company had about 7,200 employees.

Lucid did not immediately respond to a Reuters request for comment.

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