EV Manufacturer Announces Layoffs to Nearly 20% of Work Force After Struggling to Create Demand

One luxury electric vehicle manufacturer is laying off workers after overestimating demand for its products.
Bay Area-based electric vehicle startup Lucid Group announced that it was laying off 1,300 workers in a Tuesday filing, according to SFGATE.
Lucid CEO and CTO Peter Rawlinson indicated that the firings would affect every level of the company in a letter to employees.

“Our U.S. workforce will see reductions in nearly every organization and level, including executives.”
Rawlinson said that Lucid would terminate 18 percent of its total workforce, or 1,300 employees.

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BREAKING: Lucid is planning to lay off about 18% of its workforce.
Lucid, which had about 7,200 employees at the end of last year, will communicate details of the layoffs in the next few days …