Current Events > elec truck maker Rivian to lay off 6% of its workforce

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https://www.cnbc.com/2023/02/01/rivian-to-lay-off-six-percent-of-workforce-ev-price-war.html

Electric truck maker Rivian Automotive
said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war.

In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the companys operating efficiency must be a core objective. The company is focusing on ramping up production of its R1 trucks and the EDV delivery vans it builds for Amazon
, as well as on development of its upcoming smaller R2 vehicle platform.

Scaringe said that the cuts would not affect manufacturing jobs at Rivians factory in Illinois.
Rivian went public via a successful initial offering in late 2021, raising nearly $12 billion. But the California-based automakers shares have lost nearly 90% of their value since, leading the company to rethink its expansion plans as it works toward profitability. Recent price cuts by Tesla and Ford Motor have led to concerns that other automakers may be forced to reduce prices on EVs amid growing competition in the space.

Rivian had about $13.8 billion in cash remaining as of the end of September, after posting losses of $5 billion through the first three quarters of 2022. The company said last month that it fell slightly short of its goal of producing 25,000 vehicles in 2022.
Rivian will report its fourth-quarter and full-year results after the U.S. markets close Feb. 28.

How is Geralt gonna feed his family?

WingsOfGood posted...

laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war.

So they're firing a bunch of people for something that isn't even confirmed yet? What kind of shit is that?

I hope Rivian and Lucid Motors both survive and do really well

Jiek_Fafn posted...

How is Geralt gonna feed his family?

[LFAQs-redacted-quote]


He will make more seasons on netflix

5 Billion losses? ouuch

CARRRNE_ASADA posted...

5 Billion losses? ouuch

this is interesting line:

The company said last month that it fell slightly short of its goal of producing 25,000 vehicles in 2022.

I am sure less staff will help with making the goal this time right?