In a cost-cutting effort, the electric vehicle manufacturer Rivian Automotive will be laying off 6% of its workforce. According to Reuters, Chief Executive R.J. Scaringe broke the news to employees in an email and said the company would put its focus on “ramping up vehicle production and reaching profitability.”
CNBC is reporting that recent price cuts seen in the EV space, including Ford and Tesla, may force other manufactures to slash their prices as well and look toward extreme cost-saving measures.
According to Bloomberg, Rivian’s workforce consisted of about 14,000 employees worldwide prior to the cuts, which cost 800 employees their jobs.