San Francisco | Electric car maker Rivian is laying off six per cent of its workforce in a bid to cut costs. The media gave this information. Rivian Chief Executive Officer RJ Scaring announced the layoffs in an email sent to employees, saying the firm is focusing resources on growing vehicle manufacturing and achieving profitability.
Despite an IPO in November 2021, Rivian’s share price fell nearly 90 percent as of Tuesday.
“We must focus on maximizing our resources and getting on the path to profit,” Scaring wrote in the email.
He also apologized to the employees for the cuts, the report said.
In July last year, the electric carmaker had confirmed layoffs of around 6 per cent of its 14,000 employees.
In an email, spokesperson Amy Mast said the company has decided to accelerate development on future versions of its electric trucks and SUVs.(IANS)
read this also – Click to read the news of your state / city before the newspaper
