Lucid Group, the U.S. automaker that produces the luxury all-electric Air sedan, is cutting its workforce by 18% as part of a restructuring, the company disclosed in a regulatory filing. The layoffs, which will affect 1,300 employees, will be completed by the end of the second quarter. Lucid expects to incur about $24 million to $30 million in charges connected with its restructuring plan, namely due to severance payments, employee benefits and stock-based compensation. The layoffs will be across the organization and will include executive positions. CEO and CTO Peter Rawlinson said in an email to workers that the restructuring is the result of its “evolving business needs and productivity improvements.” He said the move is aligned with a cost-reduction announcement made in late February. While the company has reduced costs, it was not enough to avoid layoffs, according to the email. “Consequently, we’ve made the painful but necessary decision to let some of our talented team members go,” Rawlinson wrote, adding that impacted employees will be offered a severance package that includes access to career …

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