According to Reuters, U.S. electric car maker Rivian will lay off 6% of its workforce to save costs and deal with falling cash reserves and a weak economy.
Rivian Chief Executive R.J. Scaringe said in an email announcing the layoffs Wednesday that the company is focusing resources on increasing vehicle production and becoming profitable. Meanwhile, Scaringe apologized to employees for the layoffs in an email.
Rivian currently has about 14,000 employees, which also means that the company will lay off about 840 people. A Rivian spokesperson confirmed the email was sent but declined to comment further.
The data shows that Rivian produced 10,020 vehicles in the fourth quarter of 2022, a 36% increase from the previous quarter; it delivered 8,054 vehicles, an increase of 22.3% from the previous quarter. For all of 2022, Rivian produced 24,337 vehicles and delivered 20,332 vehicles.
