Lucid Motors is undergoing major restructuring this year.
Several high-ranking executives have recently departed the company.
It's also killing a production shift at its Arizona factory.
Lucid Motors will reduce its U.S. workforce by 18%, the company said in an SEC filing on Monday. The maker of the Air and Gravity electric vehicles has been burning billions amid a slow year of growth for electric vehicle sales, while competition has been steadily growing.
The layoffs are part of a broader restructuring plan that also includes eliminating the second production shift at its AMP-1 factory in Arizona. The company expects the restructuring to save around $158 million, and anticipates cash charges of roughly $32 million for severance, employee benefits, and transition costs.
