Rivian, the electric vehicle manufacturer, has recently laid off several hundred employees as part of its efforts to improve profitability. According to a report from the Wall Street Journal, these layoffs affect less than 2% of Rivian’s workforce, which previously numbered about 15,200. The employees let go were primarily from the company’s service and customer support teams.
A spokesperson for Rivian explained, “We recently restructured a handful of teams within Rivian as we work to profitably scale our business.”
This announcement comes shortly after Rivian began delivering its new R2 SUV model last week. Despite generating $5.4 billion in revenue and selling approximately 42,000 vehicles last year, Rivian has yet to achieve an annual profit.
Rivian is not alone in facing workforce reductions this year. Trading platform Robinhood is cutting 10% of its staff due to similar restructuring needs, and last month, Meta laid off around 8,000 employees. So far in 2023, tech companies have seen approximately 153,000 layoffs, highlighting a significant trend in the industry as companies adjust their operations.
