Rivian, the electric car manufacturer, has announced a 10% reduction in its salaried workforce to reduce costs following a quarterly loss. The company, backed by Amazon, reported a $1.5 billion loss in the fourth quarter of 2023 and plans to produce 57,000 electric vehicles in 2024, the same as last year.
According to CNN, Rivian’s founder and CEO stated in an email to employees that the company is facing a challenging macroeconomic environment and needs to make strategic changes to ensure its future success. This includes prioritizing growth areas such as the launch of Peregrine and R2, as well as investing in go-to-market capabilities.
As part of its cost-cutting measures, Rivian will close a factory in Illinois and upgrade its manufacturing line to increase production rates by 30%…
2024-02-21 20:04:40
Post from www.engadget.com