Lucid Group Inc. LCID plans to lay off roughly 18% of staff, which would mean more than 1,000 job cuts, according to a Tuesday report. Insider reported that the electric-vehicle maker revealed the plans in an all-hands meeting and internal memo Tuesday, based on at least five sources and viewing the memo. Lucid did not immediately respond when asked to confirm the report. Lucid began mass-producing electric vehicles in 2022, when it lost more than $1.3 billion on revenue of slightly more than $600 million. In February, executives disappointed Wall Street by projecting production of 10,000 to 14,000 vehicles in 2023 as reservation numbers decline. Lucid shares were down more than 7% in Tuesday afternoon trading, and have fallen more than 70% in the past year, as the S&P 500 index SPX has dropped 13.1%.
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