Yet another electric vehicle (EV) manufacturer has confirmed that it will lay off a significant number of employees as consumers turn back towards gas-powered alternatives.
Around 400 employees, equivalent to six percent of the company’s employees, will lose their jobs as the company seeks to cut costs.
Reuters reported:
The layoffs at Lucid will impact employees at all levels, including leadership and mid-level management, CEO Peter Rawlinson told employees in an email, but said the cuts would not impact the hourly manufacturing and logistics workforce.The company had a total of around 6,500 full-time employees globally, as of December last year, its latest annual filing showed. Shares of the EV maker rose 1% in premarket trading.
Lucid expects to incur a total of around $21 million to $25 million in charges related to the workforce reduction and expects to complete the plan by the end of the third quarter of 2024.
Last month, The Gateway Pundit reported how Ford had lost a staggering $1.3 billion in its EV division over the first quarter of 2024, equivalent to $132,000 for each of the 10,000 EVs it sold in that the time period.
Even the most popular brands including Elon Musk’s Tesla have seen a marked decline in sales, forcing the company to also lay off 10 percent of its global workforce.
The troubles across the EV market are a continued blow to the Biden regime, which remains determined to force the transition away from gas powered vehicles despite the lack of clear scientific evidence about the economic and environmental benefits of doing so.
However,, The New York Times recently reported that the administration was giving up on many of its EV production targets as part of an election year “concession” to automakers and labor unions.