Hundreds of electric vehicle factory workers in Arizona face layoffs. Lucid Motors is headquartered in California, has a factory in Casa Grande and its stock is traded on Nasdaq.
Lucid filed a warning this week with Arizona officials that about 700 people are set to lose their jobs.
The EV maker also announced via the SEC an 18% cut in U.S. workforce as part of a plan toward profitability that’s expected to save about $158 million per year.
Among those exiting is the chief operating officer, whose job was eliminated, but he gets to keep a company vehicle.
The company released the following statement:
"... These are difficult decisions taken to align production with demand, reduce inventory, and adapt to declining market conditions. They are part of a broader effort to simplify the company, sharpen execution, and position Lucid to become more competitive over time. We are grateful for the contributions of impacted employees and are providing severance, benefits, and support to assist them through this transition… Our commitment to Arizona, and the Casa Grande community, are important to our success and have not changed. We continue to invest in our presence here and see opportunities for further growth in the years ahead."
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