Electric vehicle maker Lucid to lay off 1,300 people, about 18 percent of its workforce

US electric vehicle maker Lucid Group will lay off about 1,300 employees, roughly 18 percent of its workforce, as part of a restructuring. The company aims to cut costs, Reuters reported, citing a company statement. The maker of the luxury Air sedan last month published a production forecast for this year that fell short of analysts’ expectations. It also announced a significant drop in orders in the fourth quarter.

Chief Executive Peter Rawlinson said he would discuss the plan with all employees in the coming days. The company plans to make cuts across all departments and at all levels, including among senior executives.

The automaker had about 7,200 employees at the end of last year. It will record exceptional costs of between 24 million and 30 million USD (523.3 million to 654.1 million Kč) as a result of the layoffs. The restructuring plan is expected to be completed in the second quarter.