April 24, 2024

Rivian to Cut 10% of Salaried Staff, Citing Economic Uncertainty

Rivian Automotive Inc. revealed plans to cut 10% of its salaried workforce and set production guidance well below Wall Street’s expectations as the maker of electric vehicles grapples with stagnant demand and economic turbulence.

The company will build 57,000 vehicles this year, roughly in line with its 2023 output, according to a statementBloomberg Terminal Wednesday that also detailed fourth-quarter results. The forecast fell far short of analysts’ average estimate of more than 80,000 units in 2024.

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