Startup fires 1,500 employees to save ₹1,500 crore, starts by laying off its COO

EV startup Lucid will fire 18% of its workforce, or 1,500 employees, as part of its efforts to save $158 million (nearly ₹1,500 crore) each year. Lucid started the layoffs by firing its COO Marc Winterhoff, who was earlier the interim CEO. Lucid agreed to continue providing security support to Winterhoff and to let him keep his company vehicle.