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Lucid Group Inc., which manufactures its electric vehicles south of Phoenix in Casa Grande, disclosed its second round of layoffs in roughly four months on Monday, as a new CEO looks to further pare back the company’s workforce amid continued losses.
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Lucid revealed in a filing with the Securities and Exchange Commission that it would cut about 18% of employees who remain after a 12% cut announced in February. As of the end of last year, Lucid had 9,000 employees, according to SEC filings, suggesting that more than 1,400 employees will be laid off in this round of cuts.
While the first round of layoffs in February had little effect in Arizona, with some 300 workers trimmed at the company’s Bay Area headquarters in California, this time is different.
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In its regulatory filing, California-based Lucid said the latest layoffs include “full-time employees, contractors and hourly production workers in manufacturing. As part of this reduction, the company has eliminated the second shift of production at its AMP-1 factory [in Arizona].”
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Read more of this story from the Business Journal.