Electric vehicle manufacturer Lucid to lay off 18% of its workforce

Lucid Motors to lay off 18%, affecting about 1,500 employees; four months ago, the electric vehicle manufacturer had just completed a round of 12% staff reduction. On Monday, the company announced that its factory in Casa Grande, Arizona has also canceled the second shift production line for electric vehicles. Lucid stated in a release that this round of layoffs is one of the measures introduced by new CEO Silvio Napoli to "streamline the company’s structure, improve execution, and gradually enable Lucid to possess stronger market competitiveness." This round of layoffs comes amid a cooling U.S. electric vehicle market, with several mainstream car companies removing electric vehicle models from their product planning.