Posted 2/21/2024, 9:14:34 PM
Rivian Lays Off 10% of Salaried Workforce Amid Continued High Losses Despite Ramping Up EV Production
- Rivian is laying off 10% of its salaried workforce (6,500 employees) to cut costs amid EV pricing pressure
- This is the third round of layoffs for Rivian since July 2022
- Rivian doubled EV production in 2022 but still lost over $5B, and expects similar production levels in 2024
- The company expects to lose around $2.7B in 2024 and is continuing cost-cutting
- Rivian reported $1.3B revenue in Q4 2022, more than double Q4 2021, but still has significant losses per vehicle