Rivian To Lay Off 6 Percent Of Staff To Cut Costs Amid EV Price War via insideevs.com
announced the job cuts, explaining that the company is focusing resources on ramping up vehicle production and becoming profitable.and Ford in the United States. The price cuts are expected to affect EV startups like Rivian and Lucid, which are a long way from becoming profitable despite selling their vehicles at prices nearing $100,000 or well above .
"We must focus our resources on ramp and our path to profitability," RJ Scaringe said in the email; he also apologized to employees for the necessity of the cuts. A Rivian spokesman confirmed the email was sent, but declined to make further comments., as well as launching the R2 platform."The changes we are announcing today reflect this focused roadmap,” Scaringe said.
Despite these positive developments, Rivian is still losing money on every vehicle it builds. In the third quarter of 2022, the company was spending as much as three times what it charged per vehicle – and that was before taking into account the money spent on service, sales and charging infrastructure.
Luckily, Rivian still had $13.27 billion in cash and cash equivalents as of September 30, 2022, thanks to theTo further preserve its cash, Rivian late last year
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