Posted on 05/26/2024 2:01:07 PM PDT by rktman
Electric vehicle (EV) maker Lucid Motors announced that the company would be laying off staff in a bid to lower expenses amid a slowdown in the market.
The layoffs will affect 6% of its workforce, equating to around 400 employees, and will trim from all employee levels, including leadership and mid-level management, according to a filing submitted Friday with the Securities and Exchange Commission (SEC). Lucid is one of several EV makers to announce layoffs in recent months as consumers decline to adopt the product at the rate expected.
The company estimates that it will have to pay out between $21 million and $25 million in severance pay and benefits in connection with the layoffs, according to the filing. The planned terminations are expected to be done by the end of the third quarter.
(Excerpt) Read more at dailycaller.com ...
Who wants a used electric vehicle? Answer: Nobody!
Electric vehicles are not the answer... Plain and simple.
EV makers are going up, up, up....
that is...
in the number of layoffs.
Lucid is plenty visible here in Phoenix. They are decent looking cars. However, even before the EV slowdown, Lucid was in trouble. Their niche (high-end EV luxury sedans) is not very large, and many of the fears associated with smaller, expensive EV companies affect Lucid in a way that Tesla is not.
Locally, Tesla is laying off 693 this week. That’ll have impact on the area.
Lucid should give away remaining inventory to deserving white families as reparations.
Here they are building double decker highways all over town. Toll roads. I’ve said since I got here decades ago they need a light rail train. Two or three arteries and two loops.
No. They are now putting in structures to accommodate twice as many autos.
Which are flooding in from California
They’re not serious about reducing auto emissions.
The electric car itself, you’d have to tell me exactly how it reduces pollution
What’s the deal with cobalt. Who’s mining for tgat crap? Lithium?
You’d have to explain how if I plug my heavy asses auto into a power station that that power is less polluting to the environment over the life of tge car than my little lightweight Japanese auto
Then I’d have to see an effort at making this town accessible by train, bike, bus, pedestrian.
Everyone who wants one has one.
Resale value effectively $0.
Nothing wrong with them IF they fit your needs - but as a growth thing it’s basically over.
“ Electric vehicles are not the answer”
What’s the question?
A slowdown in the market? I can believe that. There have been enough EV’s out there to demonstrate to the public what a joke they are. The rich that buy them anyway already have one, and one is likely more than enough to clutter their garages.
This could be wishful thinking, but I’d say EV’s are in their death throes.
“What’s the question?”
This is the question: “How can we hit up taxpayers for hundreds of billions of dollars so we can recycle it to Democrat politicians who will then pass pork-laden bills to send us even more billions?”
Which town are you talking about?
“Everyone who wants one has one. Resale value effectively $0.”
and even worse, very few will be buying a replacement EV ...
he said “here”. Everybody knows where here is.
Everyone who wants to signal their virtue already has.
So ‘high end’ EVs are falling by the wayside due to costs.
Rivian’s POS vehicles are $100k. They’re delaying construction on the debacle in Ga. Illinois just dropped over $800mil for them to expand up there.
When companies make cars in China, they have to share their technology. Now the Chinese can copy it and make that crap themselves. Soon they’ll be pumping them out in China, evading Bidens clownish tariffs.
The industry could soon be nuked.
Burn me once shame on you, burn me twice shame . . . .
The EV fad has just about run it’s course.
Again.
“Locally, Tesla is laying off 693 this week. That’ll have impact on the area.”
What about the $3.6 billion expansion?
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