economy
Rivian laying off hundreds of workers amid R2 launch
Rivian said Tuesday it was laying off hundreds of workers, or less than 2% of its workforce.
TL;DR
- Rivian is laying off hundreds of workers, less than 2% of its workforce.
- The layoffs are intended to help the company narrow losses and achieve profitability.
- The affected teams are primarily in service and customer segments.
- This round of layoffs follows the recent launch of the R2 SUV, aimed at making Rivian a more mainstream brand.
- Rivian has never turned an annual profit and lost $3.6 billion last year.
- The EV market is facing increased challenges due to factors like changing regulations and the elimination of federal incentives.
- Rivian previously laid off over 600 workers in October.