Voluntarist
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Rivian is slashing 10% of staff
Electric carmaker Rivian said on Wednesday that it will be cutting 10% of its salaried workforce as it deals with slowing EV demand.
The company made the announcement in its 2023 fourth quarter earnings call on Wednesday.
The Q4 financial report also revealed that despite making and delivering twice as many EVs in 2023 as in 2022, the company still saw a $5.4 billion loss for the year.
And for 2024, Rivian expects to produce around the same number of vehicles — about 57,000 — as it did in 2023. That's much lower than the 80,000 vehicles that analysts forecasted the company would be producing in 2024, according to Bloomberg.
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This is the company's third round of layoffs in the last year and a half — it cut 6% of its staff in February 2023 and another 6% in July 2022, Business Insider previously reported.
"Rivian, like other automakers, is facing the music of economic uncertainty, consumers' waning enchantment with EVs, and strict federal tax credit rules," Insider Intelligence senior analyst Jacob Bourne said.