Electric Vehicles
Industry News

Rivian Lays Off 6% of Its Workforce

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EV Price War forces automaker to focus resources and tighten belt

Rivian is Laying Off 840 Employees

In an effort to prepare for the EV price war, Rivian is laying off 6% of its workforce. This measures will help preserve its cash reserves.

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Factories Unaffected Despite Layoffs

Rivian founder and CEO R.J. Scaringe has confirmed that the factories producing the R1T, R1S, and Amazon-commissioned EV delivery vans are unaffected.

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Rivian Focusing on Path to Profitability

Improving Rivian's operating efficiency and reaching profitability are core objectives of the company, and the layoffs are an effort to reach these goals.

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$5 Billion Facility Still in the Works

Rivian still plans to build a new $5 billion manufacturing facility in Georgia, making it a critical component of the company's future.

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Supply Chain Challenges a Contributing Factor

Rivian has been losing money on every vehicle it produces and the pandemic-related supply chain problems did not help. Target production figures were missed for 2022.

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Tesla and Ford Face Off with Price Cuts

Tesla and Ford have already announced price cuts for their EVs and other brands, such as Volkswagen, remain adamant about not doing the same.

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Market Value Plummetsfrom $18 Billion

As of September 30, Rivian had $13.27 billion worth of cash and cash equivalents on hand. Its market valuation has dropped 90% since going public in 2021, hitting $17.8 billion.

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