Rivian is laying off hundreds of workers just one week after it began deliveries of its hotly-anticipated R2 SUV, the company has confirmed to TechCrunch.
Rivian said Tuesday it was laying off hundreds of workers, or less than 2% of its workforce, as the EV maker aims to narrow losses. The electric vehicle maker officially launched deliveries of its key new vehicle, the R2 SUV, last week.
EV startup Rivian laid off hundreds of employees on Tuesday, a move to make the business profitable as it launches a key new model, the Wall Street Journal reported.
The automaker's fans love the startup's new R2, but high lease costs show the challenges in the changing electric-vehicle market.
The lower-priced model could be the catalyst to lift demand for the EV company.
Rivian CEO RJ Scaringe started a robotics company last year called Mind Robotics that he says has has raised more than $1 billion. Scaringe told CNBC that the plan is to keep the robotics company separate from Rivian, as opposed to the automaker partially shifting to make robots, like Tesla CEO Elon Musk is doing.
In the most recent trading session, Rivian Automotive (RIVN) closed at $14.77, indicating a -6.13% shift from the previous trading day.
Rivian (NASDAQ: RIVN | RIVN Price Prediction) launched the vehicle that it has said for some time will be the key to its future.
Rivian began officially handing over the first R2 SUVs to paying customers on Tuesday, marking the beginning of a new chapter for the buzzy all-electric automaker as it tries to reach mass-market scale.
Rivian Automotive, Inc. (RIVN) Presents at 2026 Baird Global Consumer, Technology & Services Conference Transcript
RIVN faces an NHTSA probe into nearly 115K R1S and R1T EVs after reports of rear toe link failures causing swerving and a crash.
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