Electric truck maker Rivian laying off 6% of its workforce

https://www.cnn.com/2022/07/27/business/rivian-layoffs

CNN Business
 — 
Rivian, the Amazon-backed manufacturer of electric pickups, SUVs and 
delivery vans, is laying off about 6% of its workforce as the company 
adjusts as the “world has dramatically changed,” according to an email 
sent by CEO RJ Scaringe to Rivian’s roughly 14,000 employees.

About 840 of those employees were told Wednesday that they will be leaving 
the company.

Scaringe pointed to inflation, rising interest rates and increased 
commodity prices as factors that led the startup automaker to trim its 
workforce.

Rivian only recently started production of its three initial products, the 
R1T pickup, the R1S luxury SUV and an electric delivery van for which 
Amazon, a major Rivian investor, is the primary customer.

The R1T pickup and R1S SUV have been well received by critics, with the 
truck getting MotorTrend’s Truck of the Year award. The company has faced 
some struggles with ramping up its manufacturing with Scaringe pointing to 
supply chain issues and the tight labor market, specifically, as 
challenges.

Rivian’s electric vehicles are currently manufactured in a former 
Mitsubishi factory in Normal, Illinois, but the automaker is already 
planning a second factory near Atlanta. The Georgia factory is expected to 
eventually employ as many as 7,500 workers.

“We are financially well positioned and our mission is more important than 
ever, but to fully realize our potential, our strategy must support our 
sustainable growth as we ramp towards profitability.” Scaringe wrote in an 
email to employees announcing the layoffs.

The Irvine, California-based company offered departing employees 14 weeks 
of regular pay as well of continuing healthcare coverage through the end 
of the year.



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