Lucid lays off 1,500 workers in second cut of the year

Just three months after unveiling a new midsize electric-vehicle platform that it said would spawn multiple models, Lucid Motors is cutting about 1,500 jobs — roughly 18 percent of its workforce. The Saudi-backed startup is selling the Gravity SUV alongside the Air sedan and has been aiming for profitability with smaller, cheaper models sold in higher volumes.

These are the second major cuts this year; in February the company let go of 12 percent of staff. In a filing with the Securities and Exchange Commission, Lucid said the layoffs were designed to advance the company's path toward profitability and positive cash flow by streamlining its organizational structure, optimizing operating expenses, and aligning production plans with anticipated demand.

Lucid will also end the second shift at its Casa Grande, Arizona, factory. The company says the moves will save $158 million, after accounting for $32 million in severance, employee benefits, and employee transition costs.

United States, Casa Grande, Arizona

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