Lucid Group has revealed its plans to slash hundreds of jobs in the Bay Area as part of a wrenching reorganization for the maker of electric vehicles.
NEWARK — Lucid Group has revealed its plans to slash hundreds of jobs in the Bay Area, part of a wrenching reorganization that the maker of electric vehicles hopes will help position it for “future success.”
“There are 258 employees, including remote employees, who will be affected by the Newark campus layoffs that are expected to be permanent,” Ross Boughton, a deputy general counsel for Lucid USA and Lucid Group USA, the Lucid units that are conducting the job cuts, wrote in the WARN letter to the state EDD.“To optimize our resources to put Lucid in the best position for future success, we are reducing our workforce,” Lucid stated in the WARN notice filed with the California labor agency.
Over the 12 months that ended in March, Lucid Group lost $2.73 billion on revenue of $618.6 million, according to the Yahoo Finance site.Newark-based Lucid Group said employees who are being laid off can’t displace workers with less seniority.Lucid isn’t the only electric vehicle maker to reveal plans for layoffs this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bay Area and California add jobs in April — but the gains are punyEast Bay leads Bay Area in April, South Bay is flat, San Francisco area loses jobs.
Read more »
This Bay Area island has an impressive new park with sweeping Bay viewsIt boasts a sweeping 360 degree view of the San Francisco Bay.
Read more »
Lucid Will Build a New Sub-$50,000 Electric SUV Starting in 2026During Lucid's first-quarter earnings call, CEO Peter Rawlinson confirmed a new high-volume, mid-size model is coming.
Read more »
Pixar chops more than 100 Bay Area jobs as tech cuts jolt showbizPixar Animation Studios has decided to slash well over 100 jobs at the “Toy Story” creator’s headquarters complex in the East Bay.
Read more »
Walmart chops 500-plus jobs at two Bay Area tech hubs as layoffs widenWalmart has decided to slash well over 500 jobs at two of the retail behemoth’s tech hubs in the Bay Area.
Read more »
Tesla chops hundreds more Bay Area jobs as tech industry layoffs widenTesla has decided to slash several hundred more jobs in the Bay Area.
Read more »