EV maker Rivian lays off 10 percent of employees
[ad_1]
San Francisco (Uttam Hindu News): Electric vehicle (EV) manufacturer Rivian has announced the layoff of about 10 percent of its employees to cut costs. The company announced the latest cuts in its fourth-quarter fiscal 2023 earnings call.
The fourth-quarter report showed that despite producing and delivering twice as many EVs in 2023 compared to 2022, the company still lost $5.4 billion for the year.
Furthermore, for the year 2024, Rivian is projected to produce approximately the same number of vehicles. About 57 thousand vehicles. It had produced the same number of vehicles in 2023 also. “We are focused on driving cost efficiency across the business, achieving positive margins and driving our long-term growth,” said RJ Scaringe, Founder and CEO of Rivian.
Rivian’s total revenue in the fourth quarter of 2023 was $1,315 million, derived from deliveries of 13,972 vehicles. For the year ending December 31, 2023, total revenue was $4,434 million, achieved against deliveries of 50,122 vehicles.
It reported a net loss of $1.5 billion in the fourth quarter, slightly less than the loss of $1.72 billion recorded in the same quarter of 2022. This is Rivian’s third round of layoffs since July 2022, when it reduced its workforce by 6 percent. In February 2023, the EV maker cut an additional 6 percent of its workforce.
[ad_2]
Source link
