U.S. automaker Lucid Group has disclosed in a regulatory filing that it is cutting its workforce by 18%.
The job cuts are part of a restructuring and it will affect 1,300 employees. The layoffs will be completed by the end of the second quarter.
The layoffs will be across the organization and will include executive positions.
Lucid expects to incur about $24 million to $30 million in charges connected with its restructuring plan.
CEO and CTO Peter Rawlinson the move was needed to sync with “evolving business needs and productivity improvements.”
Rawlinson said the decisions are designed to position the company to be “more resilient and agile” and strengthen the company for the long term.
