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Electric Vehicle maker to lay off more than 300 employees [Los Angeles Times (CA)]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Lucid filed a notice with the California Employment Development Department on Feb. 20 confirming the layoffs, which will impact employees at the company's headquarters in Newark, Calif. The company has been struggling to turn a profit as demand for EVs softens under the Trump administration and consumers seek out lower prices. The cuts, which go into effect in April, are part of a 12% reduction in the company's workforce as it looks to boost efficiency. Lucid employed around 6,800 people in 2024. The layoffs are “designed to streamline our organization so we can operate with greater efficiency and deliver on our commitments to gross margin improvement and long-term growth,” Lucid said in a statement. The company has been trying to boost its brand with a Timothèe Chalamet-centered ad campaign that's airing on television and streaming services. The ad promotes the company's seven-seat SUV dubbed Gravity. Lucid named Chalamet as its global brand ambassador last year and tapp
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