Catherwood LibraryILR School

Rivian, a major electric vehicle and automotive technology company, has announced layoffs. The layoffs will reduce the company’s workforce by one percent, but the company did not specify the number of workers who would be affected. The company in 2023 employed around seventeen thousand workers, and workers were employed in the United States and various European countries. Rivian stated that job cuts will allow the company to be better aligned with its priorities, and would allow the company to have a positive gross margin at the end of 2024. Last month, the company also stated that its new factory in Georgia will be opening later than expected, and the company will use its factory in Illinois for upcoming projects. These changes can be attributed to a decreasing demand for electric vehicles, and other EV companies such as Tesla have also laid off workers.