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Electric vehicle maker Rivian said Wednesday it would lay off 10% of its salaried employees to cut costs after facing a quarterly loss. Companies supported by Amazon report The company said it had a loss of $1.5 billion in the fourth quarter of 2023 and said it expects to produce 57,000 electric vehicles in 2024, the same number it produced last year.
“Our business faces a challenging macroeconomic environment, including historically high interest rates and geopolitical uncertainty, and we need to make purposeful changes now to secure a promising future. ,” Rivian’s founder and CEO wrote in an email to employees. CNN report. “We must strategically prioritize growth areas for our business, including launching Peregrine and R2 and investing in our go-to-market capabilities.”
As part of its cost-cutting plan, Rivian plans to close its Illinois factory in the middle of this year and retool its manufacturing lines to increase production rates by 30 percent. The company is expected to release the compact SUV “R2” in 2016. Pricing on March 7th will range from $40,000 to $60,000, but deliveries won’t begin until 2026.