: Electric-vehicle maker Lucid plans roughly 1,300 layoffs

Lucid Group Inc. plans to lay off roughly 1,300 employees, the electric-vehicle maker disclosed Tuesday.

In a filing with the Securities and Exchange Commission, Lucid LCID said it will cut about 18% of its workforce, with the layoffs expected to be “substantially complete” by the end of the second quarter. In a letter to employees that was included in the SEC filing, Chief Executive Peter Rawlinson described it as a “painful but necessary decision.”

“These…