(Bloomberg) -- Lucid Group Inc. will eliminate about 400 jobs in the coming months, the latest move by an electric-vehicle maker to cut costs in a dramatically slowing market for plug-in cars.

The reductions, which amount to about 6% of the automaker’s workforce, will be complete by the end of the third quarter, according to a regulatory filing Friday. Lucid expects to incur charges of $21 million to $25 million from the restructuring plan, the bulk of which will be recognized in the current quarter.

The layoffs underscore the challenges for EV makers to scale production while adapting to an environment of waning consumer demand for battery-powered vehicles. EV market leader Tesla Inc. announced last month that it would cut at least 10% of its workforce, while Rivian Automotive Inc. has had multiple instances of layoffs this year.

Read More: Tesla to Make Job Cuts Through June, Leaving Workers in Limbo

The cuts by Lucid come several weeks after the company revealed a wider-than-expected loss to start the year.

Lucid is still a small player in the auto world, delivering only about 2,000 cars last quarter. But the company, which is targeting the upper end of the market with its Lucid Air sedan, is one of the few pure EV makers consistently delivering vehicles. It also has steady backing from its largest investor, an affiliate of Saudi Arabia’s Public Investment Fund, which recently gave Lucid a $1 billion cash injection.

Lucid shares were little changed in early trading Friday, falling 0.4% to $2.71 as of 9:46 a.m. in New York. The stock tumbled 35% this year through Thursday’s close, giving it a market value of about $6.3 billion.

(Updates with opening shares in sixth paragraph.)

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