Rivian Cuts Workforce and Announces Lower Production, Stock Crashes 35 Percent

Published on February 24, 2024

Amazon-backed electric vehicle manufacturer Rivian will be laying off a part of its workforce amid “challenging” economic conditions, the company said on Wednesday, sending its share price into a nosedive. Rivian announced its Q4, 2023, and full-year results on Feb. 21, revealing that the company will be reducing its salaried workforce by roughly 10 percent. In an email to staff, CEO RJ Scaringe said that layoffs would be implemented on Thursday. “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,” he wrote, according to Business Insider....

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