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Rivian lays off 10% of workforce as EV pricing pressure mounts
Rivian is laying off 10% of its salaried workforce in a bid to cut costs in an increasingly tough market for electric vehicles, putting even more pressure
Rivian is laying off 10% of its salaried workforce in a bid to cut costs in an increasingly tough market for electric vehicles, putting even more pressure on future, more affordable EV called the R2. As a result, Rivian says it expects to lose around $2.7 billion in 2024, and has decided to “continue its company-wide cost transformation program.” That includes changes to the design and engineering of its vehicles, making manufacturing more efficient, and laying off more employees. “Our business is facing a challenging macroeconomic environment — including historically high interest rates and geopolitical uncertainty — and we need to make purposeful changes now to ensure our promising future,” founder and CEO RJ Scaringe said in an email to the company.
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