Rivian plans its second layoff in two months, cutting more than 600 workers
After laying off about 1.5% of its workforce a month ago, EV maker Rivian is once again cutting staff.
According to The Wall Street Journal, the automaker will let go of more than 600 employees. Rivian had just under 15,000 employees as of the end of December 2024.
Rivian has been looking to cut costs, with the expiration of the $7,500 EV tax credit and a new, lower-cost SUV due to launch next year. The automaker has said the end of regulatory credits could hold up about $100 million in revenue.
Rivian lost $1.12 billion in its second quarter and downwardly revised its full-year loss forecast to between $2 billion and $2.25 billion.
Rivian has been looking to cut costs, with the expiration of the $7,500 EV tax credit and a new, lower-cost SUV due to launch next year. The automaker has said the end of regulatory credits could hold up about $100 million in revenue.
Rivian lost $1.12 billion in its second quarter and downwardly revised its full-year loss forecast to between $2 billion and $2.25 billion.
