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.

Electric vehicle startup Lucid Motors says it is planning to lay off about 18% of its workforce, as the company restructures to cut costs amid weaker-than-expected demand for its EVs.

Lucid, which had about 7,200 employees at the end of last year, will communicate details of the layoffs in the next three days, according to the report.

Electric-vehicle maker Lucid Group Inc is planning to lay off about 18% of its workforce, Insider reported on Tuesday, citing sources familiar with the matter and an internal memo.

In an all-hands meeting and email to staff, Lucid said the layoffs would begin over the next three days and affect about 18% of the company.