Read the memo: Tesla rival Lucid cuts 12% of its US workforce as EV winter takes hold

Lucid launched its latest EV, the Gravity SUV, last year.

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• EV startup Lucid Motors is cutting 12% of its US employees as demand for electric vehicles plummets.
• CEO Marc Winterhoff told staff on Friday that the cuts were necessary as Lucid tries to become profitable.
• The US is facing an EV winter as sales fall and manufacturers pull back their electric vehicle plans.

Tesla rival Lucid is slashing its workforce as the EV winter tightens its grip.