Jump to content

  •  

EV maker Rivian pulls the plug on 10% of salaried workforce after reporting $5.4 billion loss


Jobhunter

Recommended Posts

rivanpullsplug.jpeg

Image: Rivian

 

Rivian, the electric vehicle (EV) startup, announced it is laying off 10% of its salaried workforce. This decision comes in the wake of the company’s efforts to optimize cost efficiency and navigate through economic and geopolitical uncertainties.

 

Rivian, known for its innovative electric vehicles, has been facing pricing pressure in the increasingly competitive EV market. Despite doubling the number of EVs it built and shipped in 2023 compared to 2022, Rivian reported a loss of more than $5.4 billion for the year. The company expects to produce 57,000 vehicles in 2024, roughly the same number as it manufactured in 2023.

 

The layoffs are part of Rivian’s “company-wide cost-transformation program” and come at a time when the EV industry is experiencing a broader slowdown. However, Rivian confirmed that the layoffs would not affect hourly manufacturing workers at its plant in Normal, Illinois.

 

Rivian’s CEO, R.J. Scaringe, emphasized the need for strategic prioritization of growth areas of the business, including the launch of Peregrine and R2, as well as investing in go-to-market capabilities. The R2 is Rivian’s upcoming compact SUV that the company hopes will drive more sales than its current crop of large, expensive vehicles.

 

The news of Rivian’s layoffs has sent ripples through the automotive industry and the stock market, with Rivian’s share price plummeting roughly 14% in after-hours trading. This development raises the question: How will these layoffs impact Rivian’s future and the broader EV industry? We invite you to share your thoughts on this significant event.

 

 

Read more:

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





×
×
  • Create New...
The Creative Network

DesignTAXI

The Creative Finder

The Bazaar

Trendingger (BETA)

Community Resources

Become a member

  • Sign up for free
  • Pro/Business Accounts
  • Log into your account

    Forum Rules & Guidelines

    Terms of Use

    DMCA Copyright Notice

    Privacy Policy

    Cookies

    Contact Us

    Advertise with us

  • Express self-serve ads
  • Other advertising inquiries
  • Popular Categories

  • Artificial Intelligence (AI)
  • Innovation
  • Accessibility
  • Creative Ad Ideas
  • Climate Change & Sustainability
  • Copyright
  • Humor
  • Inclusivity
  • Travel
  • WTF
  • Creative Disciplines

  • 3D
  • AR / VR
  • Architecture
  • Art
  • Automotive
  • Branding
  • Character Design
  • Comics
  • Fashion Design
  • Furniture Design
  • Graphic Design
  • Illustration
  • Industrial Design
  • Interior Design
  • Logo Design
  • Packaging Design
  • Product Design
  • Street Art
  • Typography
  • UI/UX
  • Video Games