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Rivian is laying off 10 percent of its salaried employees

<p>Electric car maker Rivian announced on Wednesday that it’s laying off 10 percent of its salaried workforce to cut costs after facing a quarterly loss. The Amazon-backed company <a data-i13n="elm:context_link;elmt:doNotAffiliate;cpos:1;pos:1" class="no-affiliate-link" href="https://www.businesswire.com/news/home/20240221757259/en/Rivian-Releases-Fourth-Quarter-and-Full-Year-2023-Financial-Results" data-original-link="https://www.businesswire.com/news/home/20240221757259/en/Rivian-Releases-Fourth-Quarter-and-Full-Year-2023-Financial-Results">reported[/url] that it lost $1.5 billion in the fourth quarter of 2023 and said that it expects to build 57,000 electric vehicles in 2024, the same number it built last year.

“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,” Rivian’s founder and CEO RJ Scaringe wrote to employees in an email, CNN <a data-i13n="elm:context_link;elmt:doNotAffiliate;cpos:2;pos:1" class="no-affiliate-link" href="https://www.cnn.com/2024/02/21/cars/rivian-laying-off-10-of-its-workforce/index.html#:~:text=%E2%80%9COur%20business%20is%20facing%20a,Thursday%20and%20shared%20by%20the" data-original-link="https://www.cnn.com/2024/02/21/cars/rivian-laying-off-10-of-its-workforce/index.html#:~:text=%E2%80%9COur%20business%20is%20facing%20a,Thursday%20and%20shared%20by%20the">reported[/url]. "We must strategically prioritize our growth areas of the business, including the launch of Peregrine and R2 as well as investing in our go-to-market capabilities."

As part of its plans to cut costs, Rivian will shut down a factory in Illinois in the middle of this year and will upgrade its manufacturing line to boost production rates by 30 precent.The company is <a data-i13n="elm:context_link;elmt:doNotAffiliate;cpos:3;pos:1" class="no-affiliate-link" href="https://www.engadget.com/rivian-will-unveil-the-cheaper-and-more-efficient-r2-on-march-7-174530126.html" data-original-link="https://www.engadget.com/rivian-will-unveil-the-cheaper-and-more-efficient-r2-on-march-7-174530126.html">expected to unveil[/url] the R2, a compact SUV in the $40,000 to $60,000 range, on March 7, although deliveries of the vehicle won’t start until 2026.</p>This article originally appeared on Engadget at https://www.engadget.com/rivian-is-laying-off-10-percent-of-its-salaried-employees-010440428.html?src=rss

Source: Rivian is laying off 10 percent of its salaried employees (https://www.engadget.com/rivian-is-laying-off-10-percent-of-its-salaried-employees-010440428.html?src=rss)