Lucid Motors is laying off 1,300 workers to reduce expenses

By the end of this week, 1,300 people who work for Lucid Motors will know they're going to lose their jobs. The luxury electric vehicle maker has notified (PDF) the US Securities and Exchange Commission in a filing that it's laying off approximately 18 percent of its workforce. Lucid said it's cutting jobs to reduce operating expenses "in response to evolving business needs and productivity improvements" and that it intends to complete this restructuring plan by the end of the second quarter this year.