Lucid Motors Stock Is Falling - What's Going On? - Lucid Gr (NASDAQ:LCID)

Lucid Motors LCID shares are falling on reports of the company looking to cut its workforce.
According to an internal memo, Lucid is reportedly planning to slash hundreds of employees to cut costs.
The Chief Executive Officer, Peter Rawlinson, is said to have told the employees that the EV startup will cut 18% of its workforce, reported Business Insider.
With a total workforce count of about 7,200 at the end of 2022, 18% amounts to approximately 1,290 people.
The layoff is expected to affect all levels of the organization, including executives.
Also Read: Lucid Recalls Over 600 Air EVs Over Glitch That Could Affect Electric Motor
The affected employees are eligible for a severance package, including access to career resources, equity and health insurance.
Lucid has joined a cohort of technology and mobility startups that have resorted to layoffs recently to reign in the economic consequences.
Price Action: LCID shares are trading lower by 7.86 at $7.50 on the last check Tuesday.
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Lucid Motors Stock Is Falling - What's Going On?