Lucid Motors is laying off approximately 1,500 workers, which is 18% of its workforce.
The layoffs are part of a plan to simplify the company and advance its path toward profitability. This is the second round of layoffs for Lucid this year, following a 12% workforce reduction in February.
The company aims to reach profitability with smaller and cheaper models sold in higher volumes, alongside its current offerings like the Gravity SUV and Air sedan.
The move is intended to streamline the company's organizational structure and optimize operating expenses.
