Struggling electric vehicle maker Rivian lays off more than 800 workers
CBSN
Rivian laid off more than 800 workers this week in a move aimed at helping speed the struggling electric truck maker toward profitability.
Company founder and CEO R.J. Scaringe sent an email earlier this month to staff announcing the layoffs, and workers were officially let go on Thursday, the company told CBS MoneyWatch in a statement. The layoffs add to a range of problems Rivian has experienced since going public in late 2021.
Rivian, viewed as a direct competitor to Tesla, said the corporate streamlining will help it ramp up vehicle production and accelerate development of newer models like its R2 platform. Scaringe said in the email that soaring inflation is hurting the company's bottom line and that the layoffs are necessary for Rivian to achieve its goals of "sustainable growth as we ramp towards profitability."
