Rivian Slashes Workforce by 10% Amid EV Market Challenges

Rivian is laying off 10% of its salaried workforce and a limited number of non-manufacturing hourly employees as it faces financial challenges in the electric vehicle market. The company plans to shut down its sole factory in Illinois to upgrade its manufacturing line and expects to lose around $2.7 billion in 2024. Despite doubling the number of electric vehicles built and shipped in 2023, Rivian still reported a net loss of $5.4 billion for the year. The company's production and profit loss guidance, combined with the layoffs, caused Rivian shares to drop more than 15.6% in after-hours trading.