Rivian Implements Salaried Workforce Reduction Amid EV Demand Shift

Rivian, the electric car maker backed by Amazon, is laying off 10 percent of its salaried workforce after reporting a $1.5 billion loss in the last quarter of 2023. The company cites a challenging macroeconomic environment and plans to prioritize growth areas, including the launch of new vehicles. To cut costs, Rivian will shut down a factory in Illinois, upgrade its manufacturing line, and aims to boost production rates by 30 percent. The company is set to unveil a new compact SUV, the R2, on March 7, with deliveries not expected until 2026.