Rivian Faces Staff Cuts and Cash Concerns Amid EV Market Volatility

Rivian is laying off 10% of its salaried workforce due to economic and geopolitical pressures, including historically high interest rates, which will result in flat vehicle output for the year. The company plans to produce about 57,000 vehicles in 2024, the same as the previous year, and is focused on driving cost efficiency and achieving positive margins. Rivian's CEO remains optimistic about the future and believes in the full electrification of the automotive industry, despite the current challenging macro-economic conditions.