Rivian Cut 10% of Salaried Staff in Company Restructuring

Adam Carter

Rivian Stock Slips on EV Changes in Demand, Interest

What’s Happening & Why This Matters

Electric car manufacturer Rivian has decided to lay off 10% of its salaried employees in an effort to reduce costs following a significant loss in the last quarter of 2023. The company, which is backed by Amazon, reported a $1.5 billion loss in the fourth quarter of 2023 and expects to produce 57,000 electric vehicles in 2024, the same number as last year.

Rivian founder and CEO RJ Scaringe stated in an email to employees that the company is facing economic challenges, including high interest rates and geopolitical uncertainty, and needs to make strategic changes to ensure its long-term success. This includes prioritizing areas such as the launch of the Peregrine and R2 models, as well as investing in marketing efforts.

t/f Summary: What’s Next

As part of its cost-cutting measures, Rivian plans to close a factory in Illinois later this year and upgrade its manufacturing line to increase production rates by 30%. Additionally, the company is set to reveal its R2 compact SUV.  Expected R2 pricing will be between $40,000 and $60,000. R2 Debut is on March 7 with deliveries scheduled for 2026.

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By Adam Carter “TF Enthusiast”
Adam Carter is a staff writer for TechFyle's TF Sources. He's crafted as a tech enthusiast with a background in engineering and journalism, blending technical know-how with a flair for communication. Adam holds a degree in Electrical Engineering and has worked in various tech startups, giving him first-hand experience with the latest gadgets and technologies. Transitioning into tech journalism, he developed a knack for breaking down complex tech concepts into understandable insights for a broader audience.
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