Rivian Lays Off 10% of Staff, Posts $1.5B Loss, But Plans New SUV Launch Amid Cost Cutting
- Rivian announcing laying off 10% of salaried workforce (about 840 employees) to cut costs
- Rivian lost $1.5 billion in Q4 2023
- Expects to build 57,000 EVs in 2024, same as 2022
- Will shut down factory in Illinois in mid-2023 as part of cost cutting
- Plans to unveil new R2 SUV on March 7, starting delivery in 2026