Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war.
"We must focus our resources on ramp and our path to profitability," Scaringe said in the email, in which he apologized to employees for the necessity of the cuts."They're bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs," CFRA Research analyst Garrett Nelson said. "We think that is what's behind this decision.
Rivian is focusing on ramping up production of its R1 trucks and EDV delivery vans for top shareholder Amazon.com , and launching its R2 platform, he said. "The changes we are announcing today reflect this focused roadmap." Irvine, California-based Rivian, which has about 14,000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois.
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