Rivian Announces Further Job Cuts Amid Efforts to Boost Profitability

The electric vehicle manufacturer cuts 1% of its workforce, marking its second round of layoffs this year as it aims for gross margin positivity by year-end.

• Rivian is reducing its workforce by 1% in a bid to improve profitability, following a previous 10% reduction of salaried employees earlier this year.
• The company is undergoing upgrades at its Normal, IL plant to enhance efficiency and reduce material costs, expected to significantly lower production expenses.
• Despite the layoffs, Rivian's vehicle production and upgrades continue, with the company recently unveiling the next-gen R2 model.
• Rivian's stock has significantly declined, hitting near all-time lows amid broader challenges in the electric vehicle market.
• The layoffs come as part of a broader trend in the EV industry, with other major manufacturers like Tesla also announcing significant workforce reductions.

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