Friday, February 23, 2024

Rivian Cuts 10 Percent Of Workforce, Cites Interest Rate Pressures

Irvine-based Rivian said on Wednesday that it is cutting 10 percent of its work force, citing lower production expectations for the company. The layoff announcement came as part of its fourth quarter/full year 2023 financial results announcement, where the company said said it produced 57,232 vehicles for 2023, and delivered 50,122. The company said that it now expected to produce 57,000 vehicles in 2024--the same as 2023--due to "economic and geopolitical uncertainties and pressures" and specifically citing "historically high interest rates".