Rivian (RIVN) is cutting another 1% of jobs as the EV maker works toward profitability

Rivian (RIVN) is cutting more jobs as the EV maker aims to improve profitability. This is the second round of layoffs this year, but it’s only 1% of the workforce this time.

Rivian cutting additional jobs comes after Tesla announced it was reducing its global workforce by more than 10% this week.
Rivian’s stock ended Wednesday near all-time lows of around $8.74 per share. That’s down over 58% in 2024 and 93% from its all-time high of $172 per share shortly after going public in November 2021.

Although it may seem extreme, another 1% cut is not massive. Rivian wants to hit its goal of becoming gross margin positive and believes it can do it with a smaller workforce.

Rivian has already established itself as a true luxury EV competitor. Its R1S electric SUV was the fourth best-selling EV in the US in the first quarter.
Last month, Rivian unveiled its next-gen R2, a smaller, more affordable electric SUV. It will start at around $45,000 as Rivian expands its market. Rivian also teased an even more compact and affordable R3 and R3X.