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Rivian to Cut 6% of Its Workforce

July 27, 2022

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Rivian Automotive Inc. is cutting about 6% of its workforce and simplifying product plans, saying the economy has made it harder for the electric vehicle maker to raise money to build up production.

The Irvine, Calif.-based company confirmed the cuts July 27 in an internal memo from CEO RJ Scaringe. Surging inflation, higher interest rates and higher commodity prices have hurt the company’s ability to raise funds, he wrote.

“We need to be able to continue to grow and scale without additional financing in this macro environment,” Scaringe said in the memo. “To achieve this, we have simplified our product road map and focused on where it is most impactful to deploy capital.”

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