What Caused The Sri Lankan Economic Policies to Fail?

    Electric Vehicle makers Rivian Automotive Inc. is planning to lay off hundreds of its workers, according to information from people familiar with the matter. The company wants to trim its workforce in those areas where it has grown too quickly.




    More on the layoff

     The cuts in the workforce will be targeted at those in the nonmanufacturing departments, including teams with duplicative roles and functions, according to people who said that the matter is still confidential and requested not to be identified. The informed sources said layoff actions might be announced in the coming weeks.

    Rivian, which has 14000+ employees, could target an overall workforce reduction of around 5%. The layoffs are at a planning stage, and nothing is final. Rivian Automotive operates in Illinois, Michigan, and California.

    Rivian did not comment immediately on this issue.

    To support its ramped-up production, the company doubled its headcounts in the past year, which they now are pulling back. Rivian makes electric SUVs, pickups, and delivery vans. Last year November, it came out with one of the biggest IPO in the US to emerge as the primary challenger to the market leaders in the EV segment Tesla Inc.

    Global supply chain snags and shortage of parts made Rivian grapple with the situation, causing it to stumble along the way. Automakers face broader obstacles as sales of electric and other vehicles have softened demand as consumers get put off by high sticker prices.

    Rivian shares have crashed 69% in 2022 through close on Friday.

    Rivian, based out of Irvine, California, is in the queue to join other organizations across the corporate US that are pruning their operations in the wake of the economic slowdown. Tesla is cutting 10% of its salaried staff, protecting the headcounts in the manufacturing division, with CEO Elon Musk saying that recession seems inevitable.

    Rivian lost nearly $17 billion in cash and had restricted cash on its balance sheet to weather the storm by the end of March. The fledgling Electric Vehicle manufacturer is backed by investors that include Ford Motor Co., and Amazon.com Inc. Rivian has a contract to build 100,000 delivery vans driven by battery-electric by the end of 2030 for Amazon.



    RELATED ARTICLES

    lessinvest.com savings

    Best Tips to Maximize LessInvest.com Savings Returns

    You know, when it comes to lessinvest.com savings, it's more than just numbers on a...
    Master Your Personal Finance

    Master Your Personal Finance: 5 Essential Money Management Tips

    Master Your Personal Finance. Feeling overwhelmed by bills and unsure where your money goes? Is...
    Holly andrews

    An Exclusive Interview with Holly Andrews, Managing Director of KIS Finance

    Holly Andrews stepped into the Managing Director role at KIS Finance in 2015 and didn’t...
    Precize Makes Investing in Unlisted Shares Easier, Safer, and More Accessible

    Precize Makes Investing in Unlisted Shares Easier, Safer, and More Accessible

    The Booming Market of Unlisted Shares in India India's financial ecosystem is witnessing a paradigm shift...
    2025 Web3 Investment Set to Explode After $7.4 Billion in VC Funding for 2024

    2025 Web3 Investment Set to Explode After $7.4 Billion in VC Funding for 2024

    2024 was a standout year for cryptocurrencies. Thanks to a spate of favorable regulatory and...
    lessinvest.com income

    Lessinvest.com Income Explained: How It Works

    Investing is perhaps the most effective way to build wealth and be financially secure in...
    places to visit in Asia

    Places to Visit in Asia: 22 Places For Your 2025 Adventure!

    Places to visit in Asia...just the phrase conjures up images of vibrant markets, ancient temples,...
    Qoruv.com architect app

    Qoruv.com Architect App: Revolutionizing the Architecture Design Process

    Across the board, industries present in a digital-first world are going through massive transformation, and...
    erp sgt

    ERP SGT: Power up Your Business Game Successfully & Smoothly

    Do you own a small or medium-sized company and wish to run your business more...
    FTasiatrading technology news by FintechAsia

    FTasiatrading Technology News by FintechAsia: Revolutionizing Asia’s Financial Future

    In the ever-evolving world of finance and technology, the need for correct, up-to-the-moment records is...
    cricket 07 wheon.com

    Cricket 07 Wheon.com: Why Gamers Love the Wheon Edition

    EA Sports Cricket 07, a game that has stood the test of time since its...