Lucid Motors, a Menlo Park-based luxury electric car startup, announced it will lay off 400 employees, representing about 6% of its workforce. This decision comes shortly after the Bay Area company raised $1 billion. Similarly, Fisker, another electric vehicle startup, has also implemented significant layoffs, cutting hundreds of workers on Wednesday in an effort to stay afloat. Fisker is reportedly facing severe financial challenges and is in search of funding, a buyout, or preparing for potential bankruptcy. CEO Henrik Fisker conveyed the grim news to his staff during an all-hands meeting.