Lucid Motors lays off 12% of its workforce to attain profitability

Electric vehicle maker Lucid Motors announced that it is laying off 12% of its global workforce in a bid to "improve operational effectiveness". "[We want to] optimise our resources as we continue on our path toward profitability," the company said. The layoffs, which will impact hundreds of employees, won't affect the hourly workers in manufacturing, logistics and quality teams.