Home Business Rivian Announces Job Cuts Amidst Financial Challenges

Rivian Announces Job Cuts Amidst Financial Challenges

by Sonia Park
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Rivian Announces Job Cuts Amidst Financial Challenges

Electric vehicle manufacturer Rivian has revealed plans to cut approximately ten percent of its salaried workforce, pointing to financial challenges and a flat fourth-quarter revenue. The company, a prominent player in the growing electric vehicle market, reported earnings of $1.3 billion but also incurred a significant net loss of $1.6 billion during the same period, marking its highest quarterly loss in 2023.

The decision to implement job cuts comes as Rivian grapples with financial pressures despite being at the forefront of the electric vehicle industry. The company's fourth-quarter results indicate a challenging economic landscape, leading. . .

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