EV startup Lucid to cut about 18% of its workforce

Electric-vehicle maker Lucid Group Inc said on Tuesday it would lay off about 18% of its workforce, or around 1,300 employees, to cut costs as part of a restructuring plan.The maker of Air luxury sedan last month forecast 2023 production that fell well short of analysts' expectations and reported a major drop in orders during the fourth quarter.The company plans to communicate with all its employees over the next three days about the plan, CEO Peter Rawlinson said in a letter, adding its US workforce will see reductions in nearly every organization and level, including executives.Lucid, which had about 7,200 employees at the end of last year, will incur between $24 million and $30 million in related charges. The company expects to substantially complete the restructuring plan by the end of the second quarter. "We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time," Rawlinson said.Companies in the United States are reining in expenses as they brace for a looming recession amid aggressive interest rates hikes by central banks.Industry experts say price cuts by industry leader Tesla Inc and the availability of cheaper EV models from traditional automakers have weighed on demand for new vehicles from startups such as Lucid and Rivian Automotive Inc.Last month, Rivian said it would let go of 6% of its workforce in an effort to cut costs.Lucid's shares closed down about 7% in regular trading.

March 29, 2023 04:55 UTC

iPhones, Samsung drove India-made smartphone exports to record levels in 2022: Counterpoint

Export of locally made smartphones rose to record levels in 2022, contributing 20% in shipment terms, and 30% in value terms, though overall shipments of Made-in-India smartphones fell 3% on-year due to low demand, as per an industry report.Increasing exports from global majors Apple, Samsung and other smartphone brands drove locally manufactured shipments, somewhat offsetting the impact of declining demand in India, said Counterpoint Research in a report released Tuesday. In fact , iPhone exports from India grew 65% on-year by volume and 165% on-year by value, taking the brand’s share of locally made smartphones to 25% in 2022, up from 12% in 2021.“The contract manufacturing landscape is expanding with multiple EMS (electronic manufacturing services) players increasing their output. The PLI (production linked incentive) scheme is one of the major factors driving this trend,” said Prachir Singh, senior analyst, Counterpoint Research.Shipments of locally made smartphones fell 19% on-year in Q4 2022 due to local demand decline, especially in the entry-tier and mid-range segment. Dixon subsidiary, Padget Electronics, which manufactures smartphones for Motorola was the fastest growing EMS player with 70% on-year growth in 2022, in volume terms. The latter was the leading Indian EMS player for smartphones, while Lava led feature phone shipments with 29% share.“The government should focus on developing the overall ecosystem and play on India’s strengths like high local demand, developing local talent and improving overall infrastructure,” said Tarun Pathak, research director, Counterpoint Research.

March 29, 2023 04:31 UTC

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