Rivian plans to reduce its workforce by around 10 per cent to save money. The decision was revealed during the company’s fourth-quarter earnings call in 2023.
The net loss for Q4 was $1.5 billion, a slight improvement from the $1.72 billion loss reported in the same quarter of 2022. This marks the company’s third round of layoffs since July 2022, initially cutting staff by six per cent. In February 2023, an additional six per cent reduction was implemented.
Rivian Automotive, founded in 2009, is an American company that specialises in electric vehicles. It manufactures electric SUVs and pickup trucks using a versatile ‘skateboard’ platform that can accommodate future vehicle models or be utilised by other firms.
Despite doubling its electric vehicle production and deliveries in 2023 compared to 2022, Rivian reported a $5.4 billion loss for the year. The company expects to produce about the same number of vehicles in 2024, that is, around 57,000 units, as it did in 2023.
In Q4 of 2023, Rivian earned $1,315 million in total revenue, driven by the delivery of 13,972 vehicles. For the full year ending 31 December 2023, total revenue reached $4,434 million, supported by the delivery of 50,122 vehicles.
The company is focused on increasing cost efficiency across its operations, achieving positive margins, and strengthening its strategy for long-term growth.
