Rivian sheds 200 in run-up to new car’s launch next year
With a $7,500 tax credit set to expire this month and before the launch of its newer, cheaper SUV (the R2), Rivian is axing 200 employees (~1.5% of its workforce). This is on the heels of a quarter that saw the company lose 1.1 billion, a tremendous acceleration of the $650mm that it burned the quarter before that (and the $660mm the quarter before that). Riv says it has enough cash to see it through to the launch of the R2 in the first half of next year and with 7 bil in the bank, they may be right… for now.
Source · Ryan Felton, The Wall Street Journal
EV Maker Rivian Lays Off Workers as It Preps Launch of Cheaper SUV