Lucid becomes the latest EV manufacturer to announce layoffs, cutting six percent of its workforce | The Gateway expert

Yet another electric vehicle (EV) manufacturer has confirmed it will lay off a significant number of employees as consumers return to gas-powered alternatives.

About 400 employees, equivalent to six percent of the company's workforce, will lose their jobs as the company seeks to cut costs.

Reuters reported:

The layoffs at Lucid will impact employees at all levels, including leadership and middle management, CEO Peter Rawlinson told employees in an email, but said the cuts would not impact hourly wages in the manufacturing and logistics sector .

The company had a total of about 6,500 full-time employees worldwide as of December last year, its latest annual filing showed. Shares of the EV maker rose 1% in premarket trading.

Lucid expects to incur a total of approximately $21 million to $25 million in costs related to the workforce reductions and expects to complete the plan by the end of the third quarter of 2024.

Yet Lucid is far from the only EV manufacturer being forced to lay off employees as people decide electric cars aren't the value proposition they may seem.

Last month, The Gateway Pundit reported how Ford had lost a whopping $1.3 billion in its EV division in the first quarter of 2024, equivalent to $132,000 for each of the 10,000 electric cars it sold in that period.

Even the most popular brands, including Elon Musk's Tesla, have seen a marked decline in sales. force the company will also lay off 10 percent of its global workforce.

The problems in the EV market are a continuing blow to the Biden administration, which remains determined to force the transition away from gas-powered vehicles despite the lack of clear scientific evidence on their economic and environmental benefits.

However,, The New York Times recently reported that the government gave up many of its electric vehicle production targets as part of an election-year “concession” to automakers and unions.

Related Posts

  • Politics
  • June 15, 2024
  • 3 views
  • 4 minutes Read
Biden campaign says it raised more than $28 million ahead of Hollywood fundraiser with Obama and dozens of celebrity supporters

Within 24 hours, President Joe Biden will have gone from the G7 summit to George Clooney. Mr Biden left Italy late on Friday evening after meeting with world leaders and…

  • Politics
  • June 15, 2024
  • 4 views
  • 6 minutes Read
The US supports 'a just and lasting peace' for Ukraine, Harris tells Zelenskyy at Swiss summit

Vice President Kamala Harris on Saturday pledged America's full support in supporting Ukraine and global efforts to achieve “a just and lasting peace” in light of the The Russian Invasion…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Chocolate that utilizes the full potential of the cocoa fruit

  • June 15, 2024
Chocolate that utilizes the full potential of the cocoa fruit

We lower our price target for Salesforce after disappointing guidance

  • June 15, 2024
We lower our price target for Salesforce after disappointing guidance

Apple is joining the race to find an AI icon that makes sense

  • June 15, 2024
Apple is joining the race to find an AI icon that makes sense

Hidden costs of homeownership average $18,000 per year

  • June 15, 2024
Hidden costs of homeownership average $18,000 per year

I canceled a group trip. Do I still have to pay for the hotel?

  • June 15, 2024
I canceled a group trip.  Do I still have to pay for the hotel?

Gene could provide large wheat yields for a growing population

  • June 15, 2024
Gene could provide large wheat yields for a growing population

Former SpaceX employees are suing after they were fired after complaining of sexual harassment

  • June 15, 2024
Former SpaceX employees are suing after they were fired after complaining of sexual harassment

Biden campaign says it raised more than $28 million ahead of Hollywood fundraiser with Obama and dozens of celebrity supporters

  • June 15, 2024
Biden campaign says it raised more than $28 million ahead of Hollywood fundraiser with Obama and dozens of celebrity supporters

Honey bees can detect lung cancer, researchers say

  • June 15, 2024
Honey bees can detect lung cancer, researchers say

Financial fraud targets older adults. How to recognize it

  • June 15, 2024
Financial fraud targets older adults.  How to recognize it

Ten-year Treasury yields are falling as traders digest the drop in wholesale prices

  • June 15, 2024
Ten-year Treasury yields are falling as traders digest the drop in wholesale prices