Posted on 03/29/2023 5:30:27 AM PDT by Oldeconomybuyer
KEY POINTS:
* Lucid said in a regulatory filing that it is cutting about 18% of its workforce, or roughly 1,300 workers.
* In a letter to employees, CEO Peter Rawlinson said the job cuts will hit “nearly every organization and level, including executives.”
* The company expects to take charges of $24 million to $30 million related to the cuts, most of that in the first quarter.
Struggling EV maker Lucid said in a regulatory filing on Tuesday that it plans to cut about 18% of its workforce, or roughly 1,300 employees, as part of a larger restructuring to reduce costs as it works to ramp up production of its Air luxury sedan.
In a letter to employees, CEO Peter Rawlinson said the job cuts will hit “nearly every organization and level, including executives,” and that affected employees will be notified over the next three days.
Lucid ended 2022 with about $4.4 billion in cash on hand, enough to last until the first quarter of 2024, CFO Sherry House told CNBC last month ahead of the company’s fourth-quarter earnings report. But there have been signs that demand for the high-priced Air has fallen short of Lucid’s internal expectations, and the company may be struggling to convert early reservations to sold orders.
Lucid said that it had more than 28,000 reservations for the Air as of Feb. 21, its most recent update. But it also said that it plans to build just 10,000 to 14,000 vehicles in 2023, far fewer than the roughly 27,000 that Wall Street analysts had expected.
(Excerpt) Read more at cnbc.com ...
Our garbage ruling class has gone insane.
they make nice looking cars, but damn are they expensive.
Oh shucks. Maybe they could learn to code?
“but damn are they expensive”
Aren’t AL EVs?
One of probably a dozen drawbacks I can think of.
Another “Give Away” scheme in Pinal County goes bust.
Anyone remember, Phoenix Mart?
I think they are still breaking ground after 13-14 years.
If I had the bucks I’d start a car company to make the old fashioned cars with V-8’s and without all the electric add ons. Back to Basics cars would sell like hot cakes. Plugs points and 4 speed manual transmissions.
NO 4 door PU’s like look like a SUV with birth defects.
Well, most of the time. When it's been raining, the fairway gets a little soft on the back 9 and I have to walk.
Let me be the one to eliminate all subsidies to those that buy this crap. With fewer of them on the road there will be fewer places to fix them. Leave them holding the bag. They are virtue signalers-fine if you want to blow your money.
All great but please electronic ignition.
Welcome to the club. They can join the following list. This is just the W’s. The rest of the alphabet list is far too long to write here:
Waco (1915–1917)[3]
Wagenhals (1910–1915)[3]
Wahl (1913–1914)[256]
Waldron (1908–1911)[3]
Walker Motor Car Company (1905–1906)[3]
Wall (1900–1903)[3]
Walter (1902–1909)[3]
Waltham Steam (1898–1902)[162]
Waltham Manufacturing Co (1899–1910)[3]
‘Orient’ model
Walworth (1904–1905)[3]
Ward (1913–1914)[257]
Ward Electric (1914–1916)[258]
Ware Steam Wagon (1861–1867)
Warren (1910–1913)[3]
Warwick (1901–1905)[3]
Washington (1921–1924)
Wasp (1919–1924)[3]
Waterloo (1903–1905)[3]
Watrous (1905)[3]
Watt (1910)[3]
Waukesha (1906–1910)[3]
Waverley Electric (1898–1903, 1909–1916)[3]
Webb Jay (1908)[30]
Weidely Motor Company (1915-1917)
Welch Motor Car Company (1901–1911)[3]
Westcott (1909–1925)
Westfield (1901–1903)[30]
W.F.S. (1911–1912)[3]
Whaley-Henriette (1898–1900)[3]
Wharton (1922–1923)[3]
Wheeler Manufacturing Company (1904)
Whippet (1927–1931)[12]
White Motor Company (1900–1918)[3]
White Star (1909–1911)[3]
Whiting Motor Car Co (1910–1912)[3][259]
Whitmore, M.C. Co (1914)
Arrow Cyclecar model
Whitney (1896–1900)[3]
Wilcox (1909–1910)[3]
Wildman (1902)[3]
Wills (C. H.) and Company (1921–1927)
Willys (1916–1918, 1930–1942, 1953–1963)
Willys-Knight (1914–1933)
Willys-Overland (1912–1953)
Wilson (1903–1905)
Windsor (1929–1930)
Wing (1922)[3]
Winther (1921–1923)[3]
Winton (1896–1924)
Wolfe (1907–1909)[3]
Wolverine (1904–1906,1927–1928)[3]
Woodill (1952–1956)
Woodruff (1902–1904)[3]
Woods Electric (1899–1916)[260][3]
Renamed to Woods Dual Power for 1917–1918
Woods Mobilette (1913–1916)[3]
Worth (J.M.) Gas Engine Manufacturing Co (1902)[261]
Worth (1906–1910)[3][261]
I thought this was about me at first. I don’t even make EVs!
There are only so many Starbuck housewives who have that kind of money to Virtue Grandstand.
“Our garbage ruling class has gone insane.”
No, they have PLANS, and are doing a GREAT JOB carrying them out.
It’s not their fault that people on our side refuse to take them seriously.
They are a garbage ruling class specifically because of the inane ideology they are trying to force onto us. They need to be stopped, put in trial, and face justice.
“With up to 520 miles of EPA-estimated all-electric range and as much as 1111 horsepower, the 2022 Lucid Air aspires to be much more than a mere Tesla rip-off.”
Nice looking car, but can I swap out a V8 for the electric motors? All for less than $50K?
Manual transmission...?...today only a few are skilled enough to use one.
“They are a garbage ruling class specifically because of the inane ideology they are trying to force onto us. They need to be stopped, put in trial, and face justice.”
Agree with that, ABSOLUTELY!
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