Rivian Layoffs 2024: US-Based EV Company Cuts Nearly 1% of Its Total Workforce in Its Second Round of Layoffs This Year To Reduce Cost Amid Slow Electric Vehicle Demand
California-based EV company Rivian lays off 1% of its total workforce in the second round of layoffs in 2024. The company implemented Rivian layoffs to cut cost amid the slow EV demand.
US-based EV company Rivian reportedly laid off nearly 1% of its workforce in its latest round of layoffs. The Rivian layoffs were implemented to cut costs. In January, Rivian layoffs began in 2022 when the company laid off 6% of its workforce in June, and in the following year, the EV company laid off more than 6% of employees in February. In February 2024, Rivian laid off 10% of its total workforce. The reason for the Rivian layoff was reportedly initiated to be cost reduction and slow EV demand. According to the report by Reuters, cost reduction is very important for the EV maker because the high-interest rates hurt consumer electric vehicle demand, which is already more expensive than petrol/gasoline-powered vehicles. Google Layoffs 2024: To Slash Costs, Tech Giant Reportedly Lays Off ‘Unspecified’ Number of Employees in Finance and Real Estate Teams.
Rivian Layoffs 2024 Leads to 1% More Job Cuts:
🚨 LAYOFF ALERT - California 🇺🇸
Rivian has implemented another round of layoffs, cutting 1% of its workforce. This is the second reduction this year and the fourth in recent years. Previously, Rivian reduced its staff by 10% in February, 6% in February 2023, and 6% in July 2022.
— The Layoff Tracker 🚨 (@WhatLayoff) April 18, 2024
(The above story first appeared on LatestLY on Apr 18, 2024 12:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
