NEWARK, Calif. (KRON) — Lucid Motors is the latest Bay Area-based company to conduct layoffs. The layoffs were announced Tuesday in a letter from CEO Peter Rawlinson posted to the company’s website.
Lucid is an electric vehicle manufacturer based out of Newark. Tech Crunch reported that 1,300 employees will be affected by the layoffs.
“We have been reviewing and implementing several other ways to optimize our cost structure, but unfortunately these measures alone won’t achieve our objectives. Consequently, we’ve made the painful but necessary decision to let some of our talented team members go,” Rawlinson said.
The letter said that the layoffs will affect departments across the organization, including executives. A severance package will include access to healthcare coverage continuation and acceleration of equity.
“These decisions are designed to position us to be more resilient and agile, thereby strengthening the company for the long-term,” Rawlinson said.
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Lucid joins companies such as Meta, Amazon and Disney that have conducted layoffs in 2023.