Rivian says it is laying off 10 percent of its workforce as EV woes deepen

Photo by Mitchell Clark / The Verge Rivian said it was laying off 10 percent of its workforce as concerns about slower electric vehicle sales continue to reverberate across the industry. The company made the announcement as part of its fourth quarter earnings report, in which it said it likely wouldn’t make any more vehicles this year than it did in 2023. The company said it made 57,232 vehicles in 2023, of which 50,122 were delivered to customers. Rivian’s stock price fell on the news. Rivian has gone through several rounds of layoffs in its short history. The company let go 6 percent of its workforce both in July 2022 and May 2023. This current round of layoffs is expected to affect over a thousand workers at the Irvine, California-based company, which has a combined... Continue reading…