FEBRUARY 1, 2023 — 840 EMPLOYEES TO BE SACRIFICED IN A COST-CUTTING INITIATIVE
The company has announced it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war in electric delivery vehicles.
The cost-cutting initiative impacts 840 employees.
Chief Executive R.J. Scaringe noted, “To deliver over the long-term, we must focus our resources on ramp and our path to profitability while ensuring we have the right set of future products, services, and technology,”
JULY 28, 2022 — UP TO 6% REDUCTION, 840 LAYOFFS
The company has announced that it is laying off 6% of its 14,000+ employees
From Founder and CEO RJ Scaringe, “Over the last six months, the world has dramatically changed with inflation reaching record highs, interest rates rapidly rising, and commodity prices continuing to climb — all of which have contributed to the global capital markets tightening. 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 toward profitability. We need to be able to continue to grow and scale without additional financing in this macro environment. To achieve this, we have simplified our product roadmap and focused on where it is most impactful to deploy capital.”
JULY 21, 2022 — Original post…
Irvine, California-based Rivian Automotive, an automotive technology company building a platform for electric vehicles, including SUVs, delivery vehicles, and pickup trucks, is planning to better align the workforce with the market and to compensate for the rapid hiring initiative where the company has grown too quickly.
Based on an estimated headcount of 14,000+ employees, a five-percent reduction in the workforce will impact approximately 700+ employees in nonmanufacturing roles, including teams with duplicate functions.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?