Rivian announces layoffs

Electric carmaker Rivian is reducing its salaried workforce by approximately 10%.  The company has 16,700 employees but not all are salaried workers.

Rivian released its financial results for Q4 2023, ending the quarter with a net loss of $1.52 billion and a net loss of $5.4 billion for the year.

During 2023, the company produced 57,232 vehicles and delivered 50,122, more than doubling production and deliveries from 2022.

During 2024, Rivian anticipates to make further progress on commercial, engineering, and operational cost down efforts, and increasing non-vehicle revenue streams such as regulatory credits, service, remarketing, financing, insurance, and software. There are over 71k Rivian vehicles on the road today.

“We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead. We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions. We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth. We are excited about the reveal of our next generation vehicle, R2, on March 7.” – RJ Scaringe, Founder and CEO, Rivian.