"Rivian Automotive Inc. is cutting more than 600 jobs, or about 4.5% of its workforce, as the company contends with an unsteady market for electric vehicles in the US. In a memo seen by Bloomberg, Rivian Chief Executive Officer RJ Scaringe said the company is cutting the workforce as part of structural adjustments ahead of the launch of its new R2 model and amid the need to profitably scale."
"The move underscores the challenges for EV makers under President Donald Trump, whose policies threaten to erode already-unsteady demand in the US. The administration recently eliminated tax credits for EV purchases and has effectively nullified fuel economy and emissions standards, enticing companies to pivot to more profitable gasoline-powered vehicles. Rivian in August cited tariffs and policy changes when it backed away from a key financial goal, saying it would break even on a gross profit basis this year after earlier predicting a modest profit."
Rivian is cutting more than 600 jobs, roughly 4.5% of its workforce, as part of structural adjustments ahead of the R2 model launch and to scale profitably. Multiple functions are being moved into a single marketing organization with CEO RJ Scaringe acting as interim head. Service, delivery and sales teams are being streamlined, with cuts concentrated in commercial servicing and sales roles. Rivian employed about 15,000 people at the end of 2024 and had trimmed 1.5% of its workforce last month. Shares rose 1.3% in New York. US policy shifts, tariffs and changing incentives have weakened EV demand and prompted a revised profit outlook.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]