Lucid Plans Layoffs, As Manufacturing and Production Challenges Mount

It is Wednesday, readers. I am Paayal Zaveri, and I am getting bored with the rain. In California we have had just a few months of heavy rain, and the San Francisco Bay Space is getting hit with one other storm as I write this.

I grew up right here and might’t keep in mind ever seeing this a lot rain. However I do know California desperately wants it after many years of drought. So I am eagerly ready for the day when the climate is sweet sufficient to get pleasure from a day exterior.

Till then, I will daydream about visiting hotter locations and watch “Gilmore Women” for the hundredth time. Let me know if in case you have another chilly climate present suggestions. 

Now onto at present’s tech information.

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1. Lucid, a Tesla rival, is planning layoffs. The EV startup is planning to put off a whole bunch of workers, my colleague Alexa St. John reported. About 18% of Lucid’s workforce, or over 1,000 folks, can be impacted. 

• Lucid has had a difficult few months, as it really works to nail down manufacturing and manufacturing and get vehicles on the roads. Now layoffs are one other hurdle. 
• It isn’t the one EV firm that is struggling. Rivian has additionally struggled with manufacturing. Some prospects are ready years for his or her automobile deliveries. It is one other signal of how tough it’s for EV startups to interrupt by means of Tesla’s dominance of the market. 
• An inside memo from Lucid stated workers would get particulars concerning the layoffs over the following three days. It additionally stated the cuts can be company-wide, together with on the govt stage. 

Examine Lucid’s challenges, and why it is conducting layoffs. 

In different information:

2. Disney is ditching the metaverse. Disney is the newest firm to desert its metaverse plans. It reportedly laid off its whole interactive storytelling group, as a part of a broader restructuring. Learn why it is shutting down its metaverse only a 12 months in.

3. TikTok’s Venture Texas is much from accomplished. In response to nationwide safety issues relating to the place TikTok’s US consumer information is saved, the corporate enacted Venture Texas. It is a plan the place TikTok says it’s going to route US consumer information into Oracle servers. My colleague Dan Whateley regarded into why it is taking years to finish.

4. Tesla below investigation. Tesla is below investigation by the Nationwide Freeway Site visitors Security Administration over issues of seat belts disconnecting on their very own. The inquiry covers Mannequin X SUVs from 2022 and 2023. Examine what prompted the investigation.

5. Meta continues its “12 months of effectivity.” Fb father or mother firm Meta is reducing bonus pay for lower-performing workers and reverting to 2 efficiency critiques a 12 months. Extra layoffs are additionally on the way in which. It is all a part of the agency’s value chopping plans.

6. Microsoft layoffs hit safety org. Microsoft’s safety group was hit with layoffs, in line with an inside e-mail from exec Charlie Bell, my colleague Ashley Stewart reported. Safety is a key space of funding for Microsoft, however has been slowed by the tech downturn. Learn extra. 

7. Traders are flocking to a brand new AI expertise. Traders are excited a couple of new AI class referred to as vector databases. These instruments assist search the precise content material of textual content, photos, and movies. Learn concerning the startups creating this new expertise.

8. From sports activities star to investing. Skilled runner Vanessa Fraser has a brand new gig — working at legendary enterprise capital agency Benchmark. My colleague Samantha Stokes talked to her about how she bought there, and the way she balances a Nike sponsorship together with her day job on the VC agency.

Odds and ends:

9. Elon Musk may change EV charging for everybody. Insider’s Tim Levin examined out charging a KIA EV at a former Tesla supercharger that is open to all EVs. Here is why he says this could possibly be sport altering.

10. Bosses, keep in mind to reward your workers. Feeling blah at work nowadays? You are not alone. A latest Gallup survey discovered extra folks than ever earlier than are disengaged from their jobs proper now. However this is a easy factor bosses can do to assist. 

What we’re watching at present:

Curated by Paayal Zaveri in San Francisco. (Suggestions or suggestions? Electronic mail pzaveri@insider.com or tweet @paayalzaveri)  Edited by Matt Weinberger (tweet @gamoid) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.