ColoradoKent
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Has anyone heard of a recent 10% employee layoff at Lucid?
Well, that's more than 10% and not great. They've received a ton of positive media post the CarPlay release but have a tendency to do a good/bad media round.
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EV startup Lucid plans to lay off hundreds of workers at every level of the company, leaked memo says
In an all-hands meeting and email to staff, Lucid said the layoffs would begin over the next three days and affect about 18% of the company.www.businessinsider.com
It does have a lot to do with the lack of demand. They ramped up GT and AT production, but the reservations were cancelled and the cars are now sitting on the lot with no buyers. Meanwhile, the Pure reservation holders are waiting since they have not switched over. Many of those will move elsewhere for their EVsInteresting. I'll be curious to see the full details when Lucid PR announces it officially. Hopefully it's not solely based on lack of demand.
They have to figure out a way to release the Gravity asap and at Pure pricing, so they can compete with Rivian. They can release their premium versions in a better economy.It does have a lot to do with the lack of demand. They ramped up GT and AT production, but the reservations were cancelled and the cars are now sitting on the lot with no buyers. Meanwhile, the Pure reservation holders are waiting since they have not switched over. Many of those will move elsewhere for their EVs
I’m skeptical. I imagine this is cost cutting due to the present environment of high rates and money no longer being “cheap/free.” My guess is Lucid is simply taking a look at their balance sheet and ensuring they stay careful in an environment which calls for more financial prudence.I wonder if this could mean that the PIF might step in to take Lucid private? If that happens, all/most of the top developers could leave since they would loose their stock options; a major reason to join a startup in the first place. I would rather see Lucid sold to another public company than to be taken private.
Yeah, this is one of the hardest things, tbh. Having had to let people go, you strive really really hard to ensure you’re cutting enough that you only have to cut once; morale can live through and even thrive after a lay off. It cannot survive four.Hoping it will be the only round of layoffs necessary.