Rivian is laying off 10 percent of its salaried employees

Rivian, the electric car maker, is laying off 10% of its salaried workforce to cut costs after a quarterly loss. The Amazon-backed company reported a loss of $1.5 billion in Q4 2023 and plans to build 57,000 electric vehicles in 2024. Rivian’s founder and CEO cited a challenging macroeconomic environment, including high interest rates and geopolitical uncertainty, as reasons for the layoffs. The company will shut down a factory in Illinois mid-year and upgrade its manufacturing line to boost production rates by 30%. Rivian plans to unveil the R2, a compact SUV, on March 7

Read more at: https://www.engadget.com