Electric vehicle manufacturer Rivian, once known as the “Tesla killer,” announced on Wednesday that it will lay off about 1% of its workforce to cut costs in the face of a general slowdown in demand in the electric vehicle market.
This is Rivian's second round of layoffs this year. In February of this year, the company said it would cut 10% of salaried jobs to cut costs and make profits faster.
Electric vehicle analyst Sawyer Merritt shared the news on the X platform, and Musk responded: “It's inevitable.”
Earlier this week, Musk's Tesla also announced that it would cut more than 10% of its employees globally.