Lucid to trim workforce by 6%

[ColonelBadger]

I saw rumors in Reddit that folks in Lucid had begun receiving emails from the CEO, now Reuters is reporting it...

https://www.reuters.com/business/autos-transportation/ev-maker-lucid-cut-workforce-by-6-2024-05-24/?utm_source=reddit.com

 

[DeaneG]

It's a shame it must be done, but it will help Lucid proceed forward.

 

[hmp10]

Lucid (LCID) cuts US workforce by 6% ahead of Gravity electric SUV launch

Lucid (LCID) is the latest EV maker to reveal job cuts to reduce costs. As part of a new restructuring...

electrek.co

 

[Sapphire™]

Well that's just dandy.

 

[xponents]

Lucid (LCID) cuts US workforce by 6% ahead of Gravity electric SUV launch

Lucid (LCID) is the latest EV maker to reveal job cuts to reduce costs. As part of a new restructuring...

electrek.co

I wonder what divisions were especially hardest hit? Last time it was PR..

 

[Chizle]

Supposedly leadership and middle management bands.

 

[AZLucidGuy]

Lucid (LCID) cuts US workforce by 6% ahead of Gravity electric SUV launch

Lucid (LCID) is the latest EV maker to reveal job cuts to reduce costs. As part of a new restructuring...

electrek.co

Actually, it's good news for efficiency and shortening the path to profitability. All companies adjust their workforce to market conditions. Should help the stock price in the near term (but not today because of knee jerk selling).

 

[hmp10]

At least it doesn't affect the manufacturing and logistics hourly workforce, so it probably won't affect the Gravity roll out.

 

[borski]

Heard he fired the entire supercharger team

 

[xponents]

Heard he fired the entire supercharger team

And the new vehicle development team

 

[Bus Driver]

I wince every time I read news like this. As long as they don’t cut people in service, or in their sales studios. I’ve had tremendous luck with Lucid people in those departments - Frank Collins, Mark Sulak, Christina Lohn…

I have little reason to view the Saudi Arabian government with much favour, but if they’d just dump another huge cash infusion…

 

[dchesrown]

Android auto development team. All let go.

 

[hmp10]

Process to be completed by end of Q3. $21-25MM allocated to severance benefits for affected employees. Production and logistics line workers kept intact. Cutting by role and function, not by across-the-board slashing.

What kind of madman is running things at Lucid?

Everyone knows that a genius would pull off this kind of restructuring by threatening managers, throwing temper tantrums, notifying affected employees by middle-of-the-night emails, cutting them off from all company communication systems with no information about their severance benefits, catching contractors and partners flat footed (and firing the people who actually knew who those contractors and partners were).

C'mon, Lucid. You've got to up your game to run with the big boys this industry.

 

[xponents]

Process to be completed by end of Q3. $21-25MM allocated to severance benefits for affected employees. Production and logistics line workers kept intact. Cutting by role and function, not by across-the-board slashing.

What kind of madman is running things at Lucid?

Everyone knows that a genius would pull off this kind of restructuring by threatening managers, throwing temper tantrums, notifying affected employees by middle-of-the-night emails, cutting them off from all company communication systems with no information about their severance benefits, catching contractors and partners flat footed (and firing the people who actually knew who those contractors and partners were).

C'mon, Lucid. You've got to up your game to run with the big boys this industry.

 

[HC_79]

Heard he fired the entire supercharger team

Oh that’s ok then. They’ll be rehired back in the next couple of weeks.