Rivian said it was laying off 10 percent of its workforce as concerns about slower electric vehicle sales continue to reverberate across the industry.
The company made the announcement as part of its fourth quarter earnings report, in which it said it likely wouldn’t make any more vehicles this year than it did in 2023. Rivian’s stock price fell on the news.
Rivian has gone through several rounds of layoffs in its short history. The company let go 6 percent of its workforce both in July 2022 and May 2023. This current round of layoffs is expected to affect over a thousand workers at the Irvine, California-based company, which has a combined workforce of 16,700 salaried and hourly employees.
A spokesperson said the layoffs would mostly...
