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Wednesday, Jun 19, 2024
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Rivian to Cut Another 6% of its Workforce

Laying off around 840 employees

Rivian Automotive Inc. (Nasdaq: RIVN) is cutting another 6% of its workforce, following a previous layoff of the same size last summer. The company currently counts around 14,000 personnel.

In an email to employees, CEO R.J. Scaringe said the Irvine EV maker is focusing its resources to ramping up vehicle production and reaching profitability. The note did not specify when the layoffs would occur and which departments would be impacted.

Rivian has been struggling with production output and supply chain issues for the past few years, most recently falling about 700 vehicles short of its 25,000 year-end production target for 2022.

Following the news of the layoffs, shares in Rivian fell 3.8% to $18.66 and a $16 billion market cap.

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