Weak demand compounded by operational pressure, Lucid (LCID.US) announced a reduction of 18% of its American employees and the elimination of the COO position.

According to Zhitong Financial APP, the U.S. electric vehicle manufacturer Lucid Group (LCID.US) announced on Monday that it has initiated a new round of large-scale layoffs and cancelled the position of Chief Operating Officer (COO) in order to further reduce costs, improve operational efficiency, and accelerate profitability in the background of slowing demand in the electric vehicle market and intensified industry competition.