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UPDATE 1-Rivian to cut headcount by 6%

UPDATE 1-Rivian to cut headcount by 6%

Reuters · 07/27/2022 16:26
UPDATE 1-Rivian to cut headcount by 6%

Adds details, background

- Electric-truck maker Rivian Automotive Inc RIVN said on Wednesday it was reducing headcount by 6% in order to optimize costs in a tightening macroeconomic environment.

Staff in the manufacturing operations team at Normal, Illinois, will be affected, according to an email sent by Chief Executive R.J. Scaringe to employees.

Over the 18 months, the company will focus on enhancing R1 and EDV (electric delivery van) and speed up the development and launch of R2 and future platforms.

The company, Scaringe wrote in the email, is financially well positioned, "but to fully realize our potential, our strategy must support our sustainable growth as we ramp towards profitability."

Rivian had over 10,000 employees globally, as of Dec. 31, 2021, according to the company's filing. The company had $16 billion in cash at the end of the first quarter.




(Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri)

((yuvraj.malik@thomsonreuters.com;))